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].

Group 1: Core Views - The coal price is expected to find a reasonable bottom support at 640-650 RMB/ton, with the industry unlikely to return to 2015 levels [1] - The coal sector is anticipated to see an upward turning point in April 2025, with prices expected to rebound in June due to summer peak demand [2] - The focus on dividend assets is expected to increase due to intensified market volatility from trade frictions [1] Group 2: Thermal Coal Insights - The coal industry has released sufficient risk, and upward potential is expected after April 2025, with the northern Huanghua Port Q5500 price stable at 675 RMB/ton [2] - Domestic production in Xinjiang has decreased, and coal transportation has shown a decline, while overseas imports are expected to decrease starting March [2] - Non-electric coal demand is projected to accelerate in April, potentially driving coal prices back up [2] Group 3: Coking Coal Analysis - The bottom for coking coal prices is expected to be established alongside thermal coal prices, with the main coking coal price at 1380 RMB/ton remaining stable [3] - The introduction of a market-oriented index by the Mongolian Exchange aims to boost exports, although supply and demand for coking coal remain under pressure [3] - The first round of price increases for coke has begun, but the rebound potential is limited [3] Group 4: Industry Review - As of April 12, 2025, the main coking coal price at Jing Tang Port is 1380 RMB/ton, with a total inventory of 339.9 million tons across three ports [4] - The Australian Newcastle Port Q5500 offshore price increased by 1 USD/ton, while the northern port's price is 650 RMB/ton higher than Australian imports [4] - The cost of Australian coking coal has risen by 5 USD/ton, with domestic coking coal being cheaper than imported hard coking coal by 213 RMB/ton [4]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the potential for coal investments due to the expected recovery in domestic demand amid escalating trade tensions. The coal market is viewed as a defensive asset class, particularly in light of the current economic environment and monetary policy shifts [3][4][13]. - The coal prices have stabilized at ports, with CCTD thermal coal Q5500 priced at 676 CNY/ton, remaining unchanged week-on-week. The report notes that the market sentiment is improving as inventory issues begin to ease [3][4]. - The report outlines several factors that could support a rebound in coal prices, including the long-term contract price ceiling, the maintenance of the annual contract system, and the linkage between coal and electricity prices [3][4]. Summary by Sections Investment Logic - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures from U.S. tariffs create a favorable environment for coal as a stable dividend investment [4][13]. - The cyclical nature of coal stocks is highlighted, with both thermal and coking coal prices at low levels, suggesting potential for recovery as supply-demand fundamentals improve [4][13]. Key Market Indicators - The report provides a snapshot of key indicators, noting that the coal sector has underperformed the CSI 300 index by 2.17 percentage points, with a weekly decline of 5.04% [8][10]. - The current PE ratio for the coal sector is 10.2, and the PB ratio is 1.16, indicating relatively low valuations compared to other sectors [10][14]. Coal Price Trends - Port coal prices have remained stable, with the Qinhuangdao port price holding steady. The report notes a slight increase in prices at some production sites, indicating a mixed market response [3][4][16]. - The report also highlights the international coal price trends, with Newcastle prices showing slight increases, while domestic prices remain competitive against imports [16][17]. Supply and Demand Dynamics - As of April 6, the operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 81.7%, a slight decrease from the previous week. Coastal power plants' daily coal consumption has also seen a minor decline [3][4][16]. - The report indicates that non-electric coal demand is showing signs of improvement, with methanol and urea production rates increasing, which may further support coal inventory reduction [3][4][16]. Company Performance and Recommendations - The report lists several coal companies with strong dividend potential and cyclical recovery prospects, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [4][14][18]. - The report suggests that the coal sector is likely to see increased capital inflows as institutional investors recognize the current valuation as a bottoming opportunity [4][13].

证券研究报告 | 行业周报 gszqdatemark 】 2025 04 13 年 月 日 煤炭开采 3 重倒挂助煤价以时间换空间，"中特煤"以行动书写担当 行情回顾（2025.4.7~2025.4.11）： 基本面方面，我们持续强调"把握行业本质属性，坚定信心、坚守定力"。 "一利稳定增长，五率持续优化"，着力提高央企控股上市公司质量，强化投资者回 报。 中信煤炭指数 3,157.77 点，下跌 5.04%，跑输沪深 300 指数 2.16pct，位列中信板 块涨跌幅榜第 16 位。 本周两大煤炭央企发声"积极支持控股上市公司高质量发展"。此外，多部委机构打 出稳市组合拳，场外增量资金充足，我们认为"财务报表优异，低资本开支&现金流 充裕，具备高分红、高股息的央企"尤为受益。 考虑到煤价属周期波动，煤炭企业或通过加大成本管控力度，保证企业效益稳步提 升。以神华、中煤两大央企为例，在 24 年煤价中枢明显下移的背景下，其业绩降幅 显著低于煤价降幅，降本增效成效显著，诚意满满。 加大回购注销、分红力度，推动资产注入，延伸产业链布局均是提高 ROE 的方向。 重点领域分析： 增持（维持） 行业走势 -30% -2 ...

Investment Rating - The report recommends a "Buy" rating for key coal enterprises such as China Shenhua and China Coal Energy, highlighting their strong financial performance and potential for high dividends [8][10]. Core Viewpoints - The coal industry is experiencing a cyclical downturn, but companies are focusing on cost control and operational efficiency to maintain profitability. Major state-owned enterprises like Shenhua and China Coal have shown a significant reduction in performance decline compared to coal price drops, indicating effective cost management [3][8]. - The report emphasizes the importance of maintaining investor confidence through high-quality development and asset integration within state-owned enterprises [2][3]. - The current coal prices are seen as bottoming out, with expectations of benefiting from domestic policies aimed at stabilizing growth and increasing domestic demand [2][8]. Summary by Sections Industry Overview - The CITIC Coal Index decreased by 5.04% during the week of April 7-11, 2025, underperforming the CSI 300 Index by 2.16 percentage points [1][75]. - The report notes that the coal market is currently in a phase of narrow fluctuations, with supply stability and limited demand growth impacting price movements [11][33]. Key Company Analysis - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [6][8]. - Both companies are expected to increase share buybacks and dividends, enhancing shareholder returns [8][10]. Market Dynamics - The report indicates that the coal market is characterized by a seasonal downturn, with limited demand from power plants and a shift towards cleaner energy sources impacting coal consumption [11][33]. - The report highlights that the focus on cost control and operational efficiency is crucial for maintaining profitability amid fluctuating coal prices [3][8]. Price Trends - As of April 11, 2025, the price of Qinhuangdao port Q5500 thermal coal is reported at 676 RMB/ton, showing stability week-on-week [11][33]. - The report anticipates that coal prices will remain under pressure due to weak demand and high inventory levels, but significant price drops are not expected in the short term [11][33].

证券代码：601666 证券简称：平煤股份 编号：2025-032 平顶山天安煤业股份有限公司 关于为控股子公司河南平煤神马汝丰炭材料科技有限公司 提供担保的公告 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： ●被担保人名称：河南平煤神马汝丰炭材料科技有限公司 ●本次担保金额：4 亿元人民币 ●本次交易未构成关联交易，也未构成重大资产重组 ●本次交易及担保事项已经平顶山天安煤业股份有限公司（以下简称 "公司"）第九届董事会第四十一次会议审议通过，无需提交公司股东会审 议批准。 一、担保情况概述 （一）担保基本情况 公司控股子公司河南平煤神马汝丰炭材料科技有限公司（以下简称"汝 丰炭材"），计划分别向河南汝州农村商业银行股份有限公司申请综合授信金 额不超过 3 亿元人民币的流动资金借款，期限 2 年期，融资成本不超过 4%； 向上海国厚融资租赁有限公司申请金额不超过 1 亿元人民币的融资租赁，期 1 限 3 年期，融资成本不超过 3.82%。 公司拟为汝丰炭材提供担保，担保方式为连带责任保证担保，担保的范 ...

国浩律师（上海）事务所 关于 平顶山天安煤业股份有限公司 2024年年度股东会 之 法律意见书 上海市静安区山西北路99号苏河湾中心MT25-28楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243.3320 网址/Website: http://www.grandall.com.cn 2025年4月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 本次股东会的相关法律问题发表如下意见： 一、本次股东会的召集、召开程序 公司董事会已于2025年3月21日在上海证券交易所网站刊登了关于召开本次 股东会的会议通知。本次股东会现场会议于2025年4月10日上午9时30分在河南省 平顶山市民主路2号平安大厦召开。 本所律师经审查认为，公司召开本次股东会的公告刊登日期距本次股东会的 国浩律师（上海）事务所 法律意见书 关于平顶山 ...

证券代码：601666 证券简称：平煤股份 公告编号：2025-030 平顶山天安煤业股份有限公司 2024 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 本次股东大会由公司董事会召集，董事长焦振营先生主持本次股东大会,会议召 集和召开程序、出席会议人员的资格、会议的表决方式和程序均符合《公司法》 及《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 4 月 10 日 (二) 股东大会召开的地点：河南省平顶山市民主路 2 号平安大厦 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 15 人，出席 15 人，所有在任董事均出席本次会议； 2、公司在任监事 9 人，出席 9 人，所有在任监事均出席本次会议； 3、董事会秘书许尽峰先生出席了会议；其他高管列席了本次会议。 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：2024 年度董事会工作报告 一 ...

证券代码：601666 证券简称：平煤股份 编号：2025-031 平顶山天安煤业股份有限公司 第九届董事会第四十一次会议决议公告 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 会第四十一会议于 2025 年 4 月 5 日以书面、短信或电子邮件的方式 发出通知，于 2025 年 4 月 10 日在平安大厦会议中心采用现场加通讯 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 会议以 15 票同意，0 票反对，0 票弃权，审议通过关于为控股子公司 河南平煤神马汝丰炭材料科技有限公司提供担保的议案。（内容详见 2025-032 号公告） 本议案已经公司第九届董事会 2025 年第四次审计委员会事前认 可。 特此公告。 平顶山天安煤业股份有限公司董事会 2025 年 4 月 11 日 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]