Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

一、回购股份的基本情况 公司于 2024 年 10 月 30 日召开的第九届董事会第三十五次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意通过集中竞价交易方 式进行股份回购，回购股份将用于股权激励或员工持股计划。本次回购价格不超 过人民币 14.36 元/股，回购资金总额不低于人民币 50,000 万元（含）且不超过 人民币 100,000 万元（含），回购期限自董事会审议通过之日起不超过 12 个月。 具体内容详见于 2024 年 10 月 31 日披露的《平煤股份关于以集中竞价交易方式回 购股份方案的公告》（公告编号：2024-105）。 二、回购股份的进展情况 证券代码：601666 证券简称：平煤股份 公告编号：2025-055 平顶山天安煤业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024/10/31 | | | | | | --- | --- | --- | --- | --- | ...

证券代码：601666 证券简称：平煤股份 编号：2025-056 转债代码：113066 转债简称：平煤转债 平顶山天安煤业股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 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： ●累计转股情况：平顶山天安煤业股份有限公司可转换公司债券 （以下简称"平煤转债"）自 2023 年 9 月 22 日起开始转股，截至 2025 年 6 月 30 日，累计共有 1,472,402,000 元"平煤转债"转换为公司股 份，因转股形成的股份数量为 162,524,178 股，占可转债转股前公司已 发行股份总额的 7.02%。 ●未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"平煤 转债"金额为 1,427,598,000 元，占"平煤转债"发行总额的 49.22%。 经中国证券监督管理委员会证监许可[2023]217 号文核准，公司于 2023 年 3 月 16 日公开发行 2,900 万张可转换公司债券，每张面值为人 1 民币 100 元，发行 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent strong rebound in coking coal futures is attributed to a combination of supply contraction and improved demand fundamentals, although medium to long-term price pressures may persist if demand does not see significant positive changes [2][7]. - The coal index (Yangtze) increased by 1.68% this week, underperforming the CSI 300 index by 0.27 percentage points, ranking 25th out of 32 industries [19]. - Coking coal prices are supported by supply tightening due to safety inspections and environmental regulations, while demand remains stable due to steel production [6][20]. Summary by Sections Coking Coal Market - Coking coal futures saw a weekly increase of 6.34%, closing at 848 CNY/ton, significantly outperforming other commodities in the coal-steel-mining chain [7][14]. - Supply-side factors include reduced production from safety checks and environmental inspections, leading to a 0.53% week-on-week decrease in weekly refined coal output [7][20]. - Demand remains stable, with average daily pig iron production from 247 steel mills at 2.4229 million tons, showing a slight increase of 0.05% week-on-week [7][20]. Investment Recommendations - The report suggests marginal allocation to long-term stable profit leaders such as China Coal Energy (A+H), China Shenhua (A+H), and Shaanxi Coal and Chemical Industry [8]. - For growth-oriented investments, Electric Power Investment and New集 Energy are recommended, while coking coal companies like Shanxi Coking Coal, Huaibei Mining, and Pingdingshan Coal are highlighted for their potential [8]. Price Trends - As of June 27, the market price for Qinhuangdao 5500 kcal thermal coal is 620 CNY/ton, reflecting an increase of 11 CNY/ton week-on-week [19][42]. - The main coking coal price at Jingtang Port remains stable at 1230 CNY/ton, while the price for first-grade metallurgical coke is 1280 CNY/ton, unchanged from the previous week [19][20].

证券代码：601666 证券简称：平煤股份 债券代码：113066 债券简称：平煤转债 华泰联合证券有限责任公司 关于平顶山天安煤业股份有限公司 公开发行可转换公司债券 受托管理事务报告 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《平顶山天安煤业股份有限公司与华泰联合证券有限责任公司关于平顶山天安 煤业股份有限公司公开发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）、《平顶山天安煤业股份有限公司公开发行可转换公司 债券募集说明书》（以下简称"《募集说明书》"）《平顶山天安煤业股份有限 公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业 意见等，由本期债券受托管理人华泰联合证券有限责任公司（以下简称"华泰联 合证券"）编制。华泰联合证券对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华泰联合证券所作的 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on related party transactions and the rationale behind significant increases in coal procurement from affiliated companies [1]. Group 1: Related Party Transactions - In the reporting period, the company sold a total of 12.679 billion yuan to related party China Pingmei Shenma Group and its subsidiaries, while purchasing 2.418 billion yuan worth of raw coal from them, marking a significant increase compared to the previous year [1]. - The company is required to disclose quarterly details regarding the procurement of raw coal from related parties, including the source, product name, quantity, pricing, and payment terms, to justify the substantial increase in purchases [1]. - The company must also clarify the fairness of pricing in related party transactions and whether there is any benefit transfer to related parties [1]. Group 2: Procurement and Sales Details - The company reported a total procurement of 238,000 tons of raw coal at an average price of 220 yuan per ton, with significant purchases from affiliated companies [5]. - The procurement process involves a public bidding system where suppliers submit competitive prices, ensuring that the company's procurement prices are lower than the market average [3][5]. - The company must provide detailed quarterly disclosures on sales to related parties, including product specifications, quantities, pricing, and payment timelines [1][6]. Group 3: Comparison with Non-Related Party Sales - The company’s pricing policy for sales to non-related parties is based on market conditions and contractual agreements, with a one-month settlement cycle [8]. - A comparison of sales to related and non-related parties shows that the sales price to related parties is generally lower than that to non-related third parties, indicating a need for further justification of pricing fairness [8].

Core Viewpoint - The independent directors of Pingdingshan Tianan Coal Industry Co., Ltd. provided their opinions on the inquiries from the Shanghai Stock Exchange regarding related party transactions, financing leasing business, and advance payments, asserting the legitimacy and necessity of these transactions while ensuring no benefit transfer to related parties [1][2][4]. Related Party Transactions - In the reporting period, the company had sales to related party China Pingmei Shenma Group Co., Ltd. totaling 12.679 billion yuan and purchases amounting to 2.418 billion yuan, with significant increases noted [1] - The independent directors confirmed the reasonableness and necessity of the transactions with related parties, emphasizing that the transaction background is genuine and there is no benefit transfer to related parties [2]. Financing Leasing Business - The company’s subsidiary, Shanghai Guohou Financing Leasing Co., Ltd., was acquired for 183 million yuan to provide financial tools that align with the company's industrial services, aiming for synergistic development [2] - The subsidiary reported revenues of 115 million yuan, operating profit of 102 million yuan, and net profit of 77 million yuan during the reporting period [2]. - Independent directors stated that the financing leasing business enhances economic benefits and profitability for the company, adhering to principles of openness, fairness, and justice, with no benefit transfer to related parties [4]. Advance Payments - The company reported advance payments to Chaochuan Mine significantly exceeding the annual transaction amounts, with historical reasons cited for this situation [5]. - Independent directors confirmed that the increase in advance payments is supported by genuine business activities, with reasonable pricing and no benefit transfer to related parties [5].

根据贵所下发的《关于平顶山天安煤业股份有限公司 2024 年年度报告的信 息披露监管问询函》(上证公函〔2025〕0537 号)(以下简称"间询函")的要 求,我们对问询函中提及的事项进行了审慎核查。现回复如下: 关于平顶山天安煤业股份有限公司 2024 年年度报告的信息披露监管问询函的回复 河南守正创新会计师事务班 (特殊普通合伙) 十五日 河南守正创新会计师事务所(特殊普通合伙) 关于平顶山天安煤业股份有限公司 2024 年年度报告的信息披露监管问询函的回复 上海证券交易所: 一、关于关联交易 年报显示,报告期内公司向关联方中国平煤神马控股集团有限公司(以下简 称平煤神马集团)及其附属公司发生销售金额合计 126.79亿元,采购金额合计 126.49 亿元,分别占当年度销售总额、采购总额的 41.87%、46.77%。煤炭业务 方面,公司向控股股东及其附属公司购入原煤金额合计 24.18 亿元,同比增加 97.02%,公告解释称因焦化业务子公司开始试运行导致购入原煤增加,其中包括 平煤神马集团 18.93 亿元,湖北平武工贸有限公司(以下简称平武工贸)5.24 亿 元;销售煤炭 120.17 亿元,其中包 ...

平顶山天安煤业股份有限公司 独立董事意见：公司向关联方采购并销售相关煤炭产品具有其合理性和必要 性，交易背景真实，不存在对关联方的利益输送。独立董事将持续关注公司关联 交易情况，督促公司严格执行各项制度措施，维护上市公司及全体股东的权益。 四、关于融资租赁业务 年报显示，报告期末，公司长期应收款及一年内到期的长期应收款合计 18.34 亿元，为融资租赁款及融资租赁保证金；其中关联方长期应收款期末余额 合计 16.54 亿元。公司控股子公司上海国厚融资租赁有限公司（以下简称上海国 厚）为 2020 年 4 月以 1.83 亿元自平煤神马集团处收购的融资租赁公司，收购时 主要考虑上海国厚可为公司提供产业服务相匹配的金融工具，实现产融协同发展， 并以该子公司为金融平台，开拓可长期使用的大额低成本资金筹措渠道，为公司 降低融资成本及增加收入。收购完成后，公司于 2020 年 6 月、2021 年 10 月两 次对上海国厚增资，金额分别为 5.1 亿元、9.9 亿元，少数股东宏涛船务有限公 司认缴出资 1.25 亿元未实缴。报告期内上海国厚实现营业收入 1.15 亿元，营业 利润 1.02 亿元，净利润 0.77 亿元 ...

证券代码：601666 证券简称：平煤股份 编号：2025-054 请公司：（1）按季度披露公司向平煤神马集团、平武工贸所采购原煤所属 矿区/来源、产品名称（或指标）、数量、定价、用途、结算方式、采购金额、 支付时间、期末结算余额，并结合公司项目建设进度、对应原材料库存、产品生 产量、销售量和库存量变化趋势，说明本年度向关联方采购原煤大幅度提升的合 1 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"或"平煤股份"）于近期 收到上海证券交易所《关于平顶山天安煤业股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证公函〔2025〕0537 号）（以下简称"《问询函》"）。 根据《问询函》的要求，公司对 2024 年年度报告相关事项回复并补充披露如下： 一、关于关联交易 年报显示，报告期内公司向关联方中国平煤神马控股集团有限公司（以下简 称平煤神马集团）及其附属公司发生销售金额合计 126.79 亿元，采购金额合计 126.49 亿元，分别占当年度销售总额、采购总额的 ...