平顶山天安煤业股份有限公司 2025 年一季度经营数据公告 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"）2025 年一季度经营数据公告如下： 证券代码：601666 股票简称：平煤股份 编号：2025-036 | 项 目 | 本期数 | 上年同期数 | 变动比例（%） | | --- | --- | --- | --- | | 原煤产量（万吨） | 749.50 | 662.84 | 13.07 | | 商品煤销量（万吨） | 631.66 | 691.21 | -8.61 | | 其中：自有商品煤销量（万吨） | 527.83 | 588.47 | -10.30 | | 商品煤销售收入（万元） | 482,188.28 | 798,994.95 | -39.65 | | 商品煤销售成本（万元） | 389,164.46 | 576,432.50 | -32.49 | | 商品煤销售毛利（万元） | ...

Financial Performance - The company's operating revenue for the first quarter was CNY 5,400,175,246.55, a decrease of 34.69% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 176,434,410.67, down 79.50% year-on-year[4] - The basic earnings per share decreased by 80.58% to CNY 0.0613, while diluted earnings per share fell by 79.72% to CNY 0.0613[5] - Total operating revenue for Q1 2025 was CNY 5,400,175,246.55, a decrease of 34.5% compared to CNY 8,268,256,866.63 in Q1 2024[21] - Net profit for Q1 2025 was CNY 140,200,315.38, a decline of 82.4% compared to CNY 796,843,498.61 in Q1 2024[22] - Earnings per share for Q1 2025 were CNY 0.0613, down from CNY 0.3157 in Q1 2024[23] - The company reported a total comprehensive income of ¥241,865,043.28 for Q1 2025, reflecting a significant decline from ¥735,102,707.85 in Q1 2024[36] Cash Flow and Liquidity - Cash flow from operating activities was CNY 474,600,131.80, representing an 83.24% decline compared to the previous year[4] - In Q1 2025, the net cash flow from operating activities was ¥474,600,131.80, a significant decrease of 83.3% compared to ¥2,831,923,490.23 in Q1 2024[25] - Total cash inflow from operating activities in Q1 2025 was ¥6,324,292,021.03, down 34.5% from ¥9,696,292,188.17 in Q1 2024[26] - The total cash outflow from operating activities in Q1 2025 was ¥5,849,691,889.23, a decrease of 14.8% compared to ¥6,864,368,697.94 in Q1 2024[26] - The net cash flow from investing activities was -¥3,152,863,117.53 in Q1 2025, worsening from -¥2,306,887,403.53 in Q1 2024[27] - Cash and cash equivalents at the end of Q1 2025 stood at ¥3,787,120,616.90, down from ¥10,630,993,195.43 at the end of Q1 2024[27] - The company's cash and cash equivalents increased to ¥12,267,486,915.99 from ¥9,313,435,317.67, representing a growth of approximately 31.5%[15] Assets and Liabilities - Total assets at the end of the reporting period were CNY 82,464,900,372.28, an increase of 7.57% from the end of the previous year[5] - Total liabilities increased to CNY 52,233,679,594.25 in 2025 from CNY 47,374,046,974.11 in 2024, indicating a rise in financial obligations[18] - Total equity rose to CNY 30,231,220,778.03 in 2025, compared to CNY 29,289,822,833.67 in 2024, showing a slight improvement in shareholder value[18] - The company's total assets increased to CNY 82,464,900,372.28 in 2025 from CNY 76,663,869,807.78 in 2024, reflecting growth in the asset base[18] - The total liabilities as of the reporting date were ¥48,646,954,397.31, an increase of 5.2% from ¥46,239,035,272.75 in the previous period[34] Operational Efficiency - The company experienced a 83.24% decrease in net cash flow from operating activities, primarily due to falling coal prices[9] - The weighted average return on net assets dropped by 79.20% as a result of the decline in net profit[9] - The company reported a significant reduction in management expenses, which fell to CNY 152,933,852.15 in Q1 2025 from CNY 355,681,266.45 in Q1 2024[22] - The company’s financial expenses decreased to CNY 287,641,154.25 in Q1 2025, down from CNY 391,495,494.38 in Q1 2024, indicating improved cost management[22] Investments and Growth Strategies - The company plans to continue its market expansion and product development strategies in response to current market conditions[4] - The company plans to expand its market presence through strategic acquisitions and partnerships in the coal industry[13] - The company successfully acquired 60% of the equity in Wusu Sike Tree Coal Co., Ltd., with the transaction completed and included in the consolidated financial statements starting January 1, 2025[13] - Research and development expenses increased to CNY 71,574,737.62 in Q1 2025, up from CNY 43,537,005.18 in Q1 2024, reflecting a focus on innovation[22] - The company incurred research and development expenses of ¥53,601,126.53 in Q1 2025, which is a 92.5% increase from ¥27,926,446.09 in Q1 2024[34] Shareholder Information - The total number of common shareholders at the end of the reporting period is 77,596[11] - China Pingmei Shenma Group Co., Ltd. holds 1,100,034,147 shares, accounting for 44.44% of total shares, with 640,000,000 shares pledged[11]

证券代码：601666 证券简称：平煤股份 编号：2025-035 平顶山天安煤业股份有限公司 第九届监事会第二十二次会议决议公告 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"）第九届监事会 第二十二次会议于 2025 年 4 月 23 日以书面、短信或电子邮件的方式发 出通知，于 2025 年 4 月 28 日以通讯表决的方式召开，会议由公司第九 届监事会主席张金常先生主持。本次会议应表决监事 9 人，实际表决监 事 9 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。经与会监事审议，本次监事会会议以 9 票同意，0 票反对， 0 票弃权，审议通过了 2025 年一季度报告。（全文详见上海证券交易所 网站） 公司监事会对 2025 年一季度报告发表如下审核意见： （一）公司 2025 年一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）一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 ...

平煤股份（601666）公告，2025年第一季度营收为54亿元，同比下降34.69%；净利润为1.52亿元，同比 下降79.50%。 ...

Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "Overweight" [1] Core Insights - The report highlights a decrease in coal prices, with thermal coal prices at Qinhuangdao port showing a decline of 2.28% to 2.04% as of April 25, 2025, while supply is expected to contract due to production costs reaching critical levels [1] - The report anticipates a reduction in coal imports due to the rainy season in Indonesia affecting production and transportation, alongside a call from the coal industry association to control low-quality coal imports [1] - The report notes an increase in coal demand, with daily average coal outflow from the four ports in the Bohai Rim rising by 35.99% week-on-week, indicating a recovery in demand despite the traditional off-peak season [1] Summary by Sections Recent Industry Policies and Dynamics - The report discusses various safety measures and projects in the coal industry, including the commencement of a coal-to-natural gas pipeline project in Xinjiang, which aims to enhance local coal consumption [9] - It also mentions regulatory efforts in Henan province to improve gas prevention in coal mines [9] Price Trends - The report indicates a decline in domestic thermal coal prices, with specific prices reported for various regions, such as Shanxi and Inner Mongolia, showing decreases of up to 10 CNY/ton [10] - Coking coal prices remained stable, with prices reported for major coking coal regions holding steady [13] Inventory and Supply - The report notes an increase in coal inventory at major power plants, with a total of 14.08 million tons reported, reflecting a 1.08% increase week-on-week [5] - The Bohai Rim port inventory decreased by 2.66% to 31.09 million tons, indicating a tightening supply [22] Shipping Costs - Domestic coastal shipping costs have risen slightly, with an average increase of 0.31% reported [29] - International shipping costs also saw an increase, particularly for coal transportation from Indonesia to China [29] Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts for 2023 to 2026 [35]

Investment Rating - The coal industry is rated as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The report highlights that the coal prices have reached the cost line for some mines, leading to an expected reduction in production. The supply side is constrained due to regular safety inspections and maintenance on major railways, which is anticipated to support coal prices during the off-season [1]. - The report emphasizes that while electricity demand is entering a low season, the combination of maintenance on railways and reduced import volumes is expected to stabilize coal prices [1]. - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and China Coal Energy, which are characterized by stable operations and high dividends. It also suggests关注淮北矿业, 平煤股份, and 电投能源 for their undervalued potential [1]. Recent Industry Policies and Developments - The report notes that the Xinjiang coal transportation project has been approved, which will enhance coal transportation capacity significantly, thus reducing logistics costs and supporting energy security [5]. - The report mentions the implementation of a differentiated electricity pricing mechanism in Shandong to optimize power resource allocation [9]. Price Trends - As of April 18, 2025, the prices for various types of coal have shown mixed trends, with some prices remaining stable while others have seen slight declines. For instance, the price for Shanxi's main coking coal remains at 1380 RMB/ton, unchanged from the previous week [10][13]. - The report indicates that international coal prices have fluctuated, with Indonesian coal prices decreasing while South African prices have increased [11]. Supply and Demand Dynamics - The report states that the average daily coal inflow to the Bohai Rim ports has decreased by 4.10% week-on-week, while the outflow has dropped significantly by 20.04% due to adverse weather conditions [22]. - The coal inventory at the Bohai Rim ports has increased by 6.93% week-on-week, indicating a buildup of stock amid declining demand [22]. Shipping Costs - Domestic coastal shipping costs have risen by 6.95% week-on-week, reflecting increased transportation expenses [32]. - International shipping rates have shown mixed trends, with some routes experiencing slight increases while others have decreased [32]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings per share (EPS) projections for the coming years [36].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The report highlights two significant divergences in the first quarter economic data: 1) the divergence between GDP growth and electricity consumption growth; 2) the increase in raw coal production while power plant inventories are decreasing. The GDP growth of 5.4% contrasts with a mere 2.5% increase in electricity consumption, primarily due to economic structural transformation and unexpected weather impacts on residential electricity use. Additionally, despite high raw coal production, power plant inventories have declined due to weak power generation demand and structural inventory accumulation at ports and pits [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 2.56%, outperforming the CSI 300 index by 1.98 percentage points, ranking 3rd out of 32 industries. The thermal coal market price as of April 18 is 663 RMB/ton, showing a slight decrease of 2 RMB/ton week-on-week [6][20]. Thermal Coal Market - The report notes that while seasonal demand for coal is weak, the market is expected to stabilize as the negative factors affecting coal stocks are likely to diminish. The report suggests a positive outlook for coal stocks due to high dividend yields and narrowing second-order effects of falling coal prices [6][20]. Coking Coal Market - The coking coal price at Jing Tang Port remains stable at 1380 RMB/ton. The report emphasizes the need to monitor potential domestic demand stimulus policies and the sustainability of steel production increases [6][21]. Economic Divergences - The report elaborates on the divergence between GDP growth and electricity consumption, attributing it to structural upgrades in the economy and unexpected weather impacts. The first quarter saw a raw coal production increase of 9.704 million tons (8.1% year-on-year), while power plant inventories decreased by approximately 21.03 million tons since the beginning of the year [7][8]. Investment Recommendations - The report recommends marginal allocations to long-term stable profit leaders such as China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Xinji Energy and Electric Power Investment Energy. It also highlights flexible growth stocks such as Yanzhou Coal Mining (A+H) and Shanxi Coking Coal [8].

●平顶山天安煤业股份有限公司（以下简称"公司"）控股股东 中国平煤神马控股集团有限公司（以下简称"集团"或"中国平煤神 马集团"）持有本公司股份1,100,034,147股，占公司总股本的44.44%， 累计质押公司股份640,000,000股，占公司总股本的25.84%。 ●中国平煤神马控股集团及其一致行动人持有本公司股份 1,151,273,546股，占公司总股本的46.51%，累计质押公司股份 640,000,000股，占其所持股份数量的55.59%。 一、控股股东股份质押的基本情况 2018年，集团与招商证券资产管理公司、深圳市前海建合投资管 理有限公司及河南平煤神马投资管理公司共同发起设立河南平煤神 马集团产业转型发展基金（有限合伙）。2018年3月22日，河南平煤 神马集团产业转型发展基金（有限合伙）完成工商登记，存续期9年， 投资期为2018年至2027年，该基金主要用于偿还集团有息负债，增信 措施为集团将持有的平煤股份6.4亿股质押给该发展基金，先后共质 押了三笔，分别为1.6亿股（质押起始日2018年10月25日）、2.8亿股 证券代码：601666 股票简称：平煤股份 编号：2025-03 ...

Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].

Summary of Conference Call Company Overview - The conference call involved Pingmei Shenma Group Co., Ltd. discussing its 2024 annual performance and operational updates [1][2]. Key Financial Metrics - In 2024, the company achieved: - Raw coal production: 27.53 million tons - Coking coal production: 11.95 million tons - Commodity coal sales: 26.41 million tons - Average selling price of coking coal: 1,753 CNY per ton - Average selling price of mixed coal: 537 CNY per ton - Comprehensive selling price of commodity coal: 1,016 CNY per ton - Revenue: 30.281 billion CNY - Net profit attributable to shareholders: 2.35 billion CNY - Basic earnings per share: 0.9616 CNY [2][3]. Price Fluctuations and Market Conditions - The company experienced a significant decline in revenue, approximately 40%, primarily due to fluctuations in coal prices [2]. - Coal prices varied throughout 2024: - Q1: 2,320 CNY - Q2: 2,120 CNY - Q3: 2,120 CNY - Q4: 1,920 CNY - Current prices in early 2025 are 1,770 CNY in January and 1,540 CNY in March, indicating a downward trend [2][3]. Production and Cost Management - The company is focusing on cost reduction and efficiency improvements to mitigate the impact of declining coal prices [3][8]. - The target is to reduce controllable costs by approximately 10% [11][25]. - The company plans to maintain stable production levels despite market pressures, emphasizing the importance of continuous production in the coal industry [8][9]. Inventory and Sales Pressure - The inventory of mixed coal at the end of the year was approximately 270,000 tons, which is significantly higher than the previous year [5]. - The company does not foresee significant sales pressure for mixed coal due to stable demand [6][7]. Strategic Initiatives - The company is involved in various strategic projects, including coal-to-electricity initiatives and partnerships in Xinjiang [13][19]. - Future capital expenditures are planned to be around 4.149 billion CNY, with a focus on fixed asset updates and improvements [16][17]. Industry Context - Other companies in the coking coal sector are reportedly facing production cuts or limitations due to market conditions, with some experiencing slight losses [14][15]. - The overall market for coking coal is under pressure, with prices potentially leading to widespread losses across the industry if they continue to decline [15]. Conclusion - The conference highlighted Pingmei Shenma's commitment to managing costs and maintaining production levels amid challenging market conditions, while also exploring strategic growth opportunities in coal and related sectors [29].