Investment Rating - The investment rating for Pingmei Shenma Group Co., Ltd. is "Buy" [3] Core Views - The company's performance has been negatively impacted by a decline in average coal prices, but it has significantly reduced costs. In Q1 2025, the company reported a revenue of 5.4 billion yuan, a year-on-year decrease of 34.5% and a quarter-on-quarter decrease of 22.44%. The net profit attributable to the parent company was 152 million yuan, down 79.5% year-on-year and 50.18% quarter-on-quarter [1][3] - The company has implemented a strategy to actively expand into Xinjiang, acquiring significant coal resources which are expected to enhance its core competitiveness and profitability. In October 2024, the company successfully acquired exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [3] - The company is focusing on clean and efficient coal utilization and extending its industrial chain. It plans to establish a wholly-owned subsidiary to develop new high-end functional carbon materials, which is expected to enhance the added value of its coal products [3] Financial Summary - The company's total revenue for 2023 was 31.626 billion yuan, with a projected decline to 28.159 billion yuan in 2025, followed by a recovery to 35.056 billion yuan by 2027. The net profit attributable to the parent company is expected to decrease from 4.01 billion yuan in 2023 to 1.241 billion yuan in 2025, before gradually increasing to 1.661 billion yuan in 2027 [5] - The gross margin is projected to decline from 31.5% in 2023 to 22.5% in 2025, with a slight recovery to 21.9% by 2027. The return on equity (ROE) is expected to decrease from 15% in 2023 to 4.8% in 2025, before improving to 6.1% in 2027 [5]

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion and a net profit of 152 million, representing a year-on-year decrease of 34.69% and 79.50% respectively [1][2]. - The company is focusing on cost optimization to counteract the decline in coal prices, with successful implementation of underground filling mining technology and a reduction in coal production costs by 22 yuan per ton [3][4]. - The company has made strategic acquisitions, including a 60% stake in a coal company for approximately 660 million and securing exploration rights for a significant coal mine in Xinjiang [3]. Financial Summary - The company's projected financial performance shows a decline in revenue from 31.63 billion in 2023 to an estimated 24.42 billion in 2025, with a corresponding drop in net profit from 4.01 billion to 702 million [4][9]. - The earnings per share (EPS) is expected to decrease from 1.62 in 2023 to 0.28 in 2025, indicating a challenging financial outlook [4][9]. - The company's return on equity (ROE) is projected to fall from 15.0% in 2023 to 2.6% in 2025, reflecting the impact of declining profitability [4][9].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 34.69% year-on-year, and net profit at 152 million yuan, down 79.50% year-on-year [1][2] - The company is focusing on cost optimization to mitigate the impact of declining coal prices, with successful implementation of underground filling mining technology and a reduction in coal production costs by 22 yuan per ton [3][4] - The company has made strategic acquisitions, including a 60% stake in a coal company for approximately 660 million yuan, and has secured exploration rights for a significant coal mine in Xinjiang [3] Financial Summary - The company's projected financial performance shows a decline in revenue from 31.63 billion yuan in 2023 to an estimated 24.42 billion yuan in 2025, with a year-on-year growth rate of -19.3% [4] - The net profit is expected to drop sharply to 702 million yuan in 2025, reflecting a year-on-year decrease of 70.1% [4] - The earnings per share (EPS) is projected to be 0.28 yuan in 2025, significantly lower than 1.62 yuan in 2023 [4] - The company’s return on equity (ROE) is expected to decline to 2.6% in 2025 from 15.0% in 2023 [4] Operational Highlights - The company achieved a raw coal production of 7.5 million tons in Q1 2025, an increase of 13.1% year-on-year, while the sales volume of commercial coal decreased by 8.6% year-on-year [8] - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34.0% year-on-year, while the comprehensive cost was 616 yuan per ton, down 26.1% year-on-year [8] - The company has a resource reserve of nearly 3 billion tons, with a focus on high-quality coking coal, which is in high demand in the market [8]

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 会第四十二会议于 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 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 2025 年一季度报告。（全文详见上海证券交 易所网站） 证券代码：601666 证券简称：平煤股份 编号：2025-034 平顶山天安煤业股份有限公司 第九届董事会第四十二次会议决议公告 2025 年 4 月 29 日 本议案已经公司第九届董事会 2025 年第五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 ...

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].