2018 年第三季度报告 公司代码：601699 公司简称：潞安环能 山西潞安环保能源开发股份有限公司 2018 年第三季度报告 1 / 20 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 9 | 2018 年第三季度报告 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 20 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 64,310,071,929.24 66,473,879,928.45 -3.26 归属于上市公司股东的净资产 23,767,277,840.78 21,114,241,012.52 12.57 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减(%) 经营活动产生的现金流量净额 4,761,806,487.36 4,617,935,569.37 3.12 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减 （%） ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 10,861,578,256.48, representing a 7.27% increase compared to CNY 10,125,815,234.39 in the same period last year[21]. - The net profit attributable to shareholders of the listed company reached CNY 1,391,323,897.57, which is a 21.78% increase from CNY 1,142,521,949.13 year-on-year[21]. - The basic earnings per share for the first half of 2018 was CNY 0.47, up 23.68% from CNY 0.38 in the previous year[22]. - The weighted average return on net assets increased to 6.38%, compared to 5.97% in the same period last year, reflecting a growth of 0.41 percentage points[22]. - The company's main business revenue from the mining industry reached CNY 9.44 billion, with a gross profit margin of 44.21%, reflecting a year-on-year increase of 11.19% in revenue and 5.44% in cost[33]. - The total revenue from coking products was CNY 1.30 billion, with a gross profit margin of 18.03%, showing a year-on-year increase of 21.31% in revenue and 6.49% in cost[35]. - The company's net profit for the first half of 2018 was RMB 194.74 million, compared to RMB 321.77 million in the same period of the previous year[107]. - The company's total equity attributable to shareholders of the parent company decreased from CNY 4,309,397,668.90 to CNY 4,217,109,764.65, a decline of approximately 2.1%[109]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 683,689,907.18, a significant decrease of 84.19% compared to CNY 4,324,329,492.83 in the previous year[21]. - Cash flow from operating activities generated a net amount of CNY 360,345,527.15, with total cash inflows of CNY 539,103,376.04[114]. - The liquidity ratios showed a decline, with the current ratio at 1.38 and the quick ratio at 1.31 as of June 30, 2018[107]. - The company's current ratio is 0.92, showing a slight increase of 0.92% compared to the previous year[117]. - Cash and cash equivalents decreased from CNY 936,735,326.09 to CNY 573,388,131.13, a decline of approximately 38.8%[114]. Investment and Expenses - Research and development expenses increased by 124.71%, reaching CNY 335,064,655.21, compared to CNY 149,111,079.89 in the previous year[32]. - The company reported a net loss from asset impairment of CNY 174,529,788.94, which is a 112.81% increase from CNY 82,010,241.53 in the previous year[32]. - The company's investment income rose by 36.40%, totaling CNY 63,441,034.18, compared to CNY 46,510,699.83 in the same period last year[32]. - The company experienced a decrease in sales expenses by 23.22%, amounting to CNY 142,990,142.54, compared to CNY 116,040,782.66 in the previous year[32]. - The company's financial expenses increased by 30.10%, reaching CNY 491,141,510.59, up from CNY 377,520,863.42 in the previous year[32]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 63,735,396,645.80, down 4.12% from CNY 66,473,879,928.45 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased to CNY 22,486,382,006.37, a 6.50% increase from CNY 21,114,241,012.52 at the end of the previous year[21]. - The total liabilities increased from CNY 5,063,257,433.03 to CNY 7,285,015,523.42, indicating a growth of approximately 43.7%[109]. - The debt-to-asset ratio increased to 54.74% as of June 30, 2018, from 45.57% at the end of 2017[107]. Environmental Compliance - The company has met environmental discharge standards with no exceedances reported in its emissions monitoring[61]. - The total SO2 emissions from the desulfurization and denitrification outlet at the first plant were 40.43 mg/m³, below the regulatory limit of 50 mg/m³[63]. - The NOX emissions from the desulfurization and denitrification outlet at the second plant were 204.72 mg/m³, with no exceedance of the standard limit of 500 mg/m³[64]. - The company has implemented a wastewater treatment system with a processing capacity of 150 m³/h, utilizing the A2/O2 biochemical treatment process, ensuring all wastewater is reused for coke quenching and other applications[70]. - The company has established a comprehensive environmental impact assessment and emergency response plan for environmental incidents, which has been reviewed and approved by relevant authorities[79]. Strategic Initiatives - The company is focusing on advancing clean and efficient coal utilization, aligning with national policies for energy reform and structural adjustments in the coal industry[29]. - The company aims to enhance its market position by leveraging its strong brand and capital market presence, particularly as a high-tech enterprise in the coal sector[29]. - The company anticipates challenges in the second half of 2018 due to economic pressures, including trade tensions and domestic demand slowdowns, but plans to adapt through strategic adjustments[31]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[130]. - The company aims to enhance its operational efficiency through strategic mergers and acquisitions in the upcoming quarters[146]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 95,120[90]. - The company has a total of 1,840,786,412 shares held by Shanxi Lu'an Mining (Group) Co., Ltd., accounting for 61.54% of the total shares[93]. - The company has not changed its major shareholders or actual controllers during the reporting period[94]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[52]. Corporate Governance - The company has appointed Lixin Certified Public Accountants as its financial auditing firm for the 2018 fiscal year, ensuring compliance and oversight[52]. - The company has committed to avoiding any direct or indirect competition with its controlling shareholder, Lu'an Group, for a period of five to ten years[51]. - Lu'an Group has pledged to inject high-quality coal assets into the company within five years, contingent on market conditions and regulatory support[51].

Financial Performance - In 2017, the company's operating revenue reached approximately CNY 23.54 billion, representing a 65.46% increase compared to CNY 14.23 billion in 2016[19]. - The net profit attributable to shareholders was approximately CNY 2.78 billion, a significant increase of 224.60% from CNY 857.14 million in the previous year[19]. - Basic earnings per share rose to CNY 0.93, reflecting a 220.69% increase from CNY 0.29 in 2016[19]. - The weighted average return on equity increased to 15.26%, up by 10.51 percentage points from 4.75% in 2016[19]. - The net cash flow from operating activities was approximately CNY 2.37 billion, a 109.35% increase from CNY 1.13 billion in 2016[19]. - The company's total revenue for the year reached 23.544 billion RMB, with a net profit attributable to shareholders of 2.782 billion RMB, resulting in an earnings per share of 0.93 RMB[32]. - The company achieved a net cash flow from operating activities of 3.087 billion RMB in the second quarter, but reported a negative cash flow of -2.245 billion RMB in the fourth quarter[21]. - The company reported a significant increase in net profit attributable to shareholders, rising from 509 million RMB in the first quarter to 881 million RMB in the fourth quarter[21]. - The company's EBITDA for 2017 was RMB 4.608 billion, representing a 101.61% increase compared to RMB 2.286 billion in 2016[164]. - The total operating revenue for 2017 reached ¥23,543,556,034.52, a significant increase from ¥14,229,368,334.73 in the previous year, representing a growth of approximately 65.5%[187]. Assets and Liabilities - As of the end of 2017, total assets amounted to approximately CNY 66.47 billion, a 14.96% increase from CNY 57.82 billion at the end of 2016[19]. - The total assets of the company reached CNY 66.4739 billion, compared to CNY 57.8236 billion at the beginning of the year, reflecting an increase of approximately 14.4%[182]. - The total liabilities increased to CNY 46.14 billion in 2017 from CNY 39.84 billion in 2016, representing a growth of approximately 15.5%[183]. - The total owner's equity rose to CNY 20.34 billion in 2017, up from CNY 17.98 billion in 2016, indicating an increase of about 13.4%[184]. - The company's current assets reached CNY 41.29 billion in 2017, compared to CNY 31.69 billion in 2016, reflecting a growth of approximately 30.4%[184]. Cash Flow - Cash flow from operating activities totaled ¥16,912,194,245.95, significantly higher than ¥7,864,182,313.71 in the previous year, representing an increase of approximately 115.9%[193]. - The net cash flow from operating activities for 2017 was CNY 2,173,860,730.36, an increase of 143.5% compared to CNY 895,552,918.69 in the previous year[197]. - The total cash and cash equivalents at the end of 2017 amounted to CNY 9,891,848,568.54, up from CNY 5,213,191,044.07, reflecting a growth of 89.1%[197]. - The net cash flow from financing activities was CNY 4,590,258,291.29, significantly higher than CNY 584,019,939.38 in the previous year, marking an increase of 685.5%[197]. Production and Sales - Coal production for the year was 41.6 million tons, with a total sales volume of 38.05 million tons[32]. - The average selling price of commercial coal was ¥541.62 per ton, with a total coal production of 41.6 million tons and sales volume of 38.05 million tons[52]. - Total coal sales reached 38.05 million tons, with 1.6 million tons sold through port transshipment[34]. - The company achieved a coal production capacity of 37.4 million tons, ranking among the top domestic coal listed companies[34]. Safety and Environmental Standards - The company maintained a zero-accident safety record for the year, marking 17 consecutive years of being recognized as a "National Safety and Health Cup Demonstration Enterprise"[32]. - The company is committed to safety and environmental standards, implementing a comprehensive safety management system to prevent major accidents[32]. - The company has established comprehensive pollution control facilities, including gas desulfurization and dust removal systems, which are operating effectively and meeting national emission standards[114]. - The company has completed environmental impact assessments for all projects, receiving necessary approvals and permits, ensuring no wastewater is discharged externally[114]. Research and Development - Research and development expenditure surged to ¥880.40 million, marking a 1,101.21% increase from ¥73.29 million in the previous year[53]. - The company is investing in innovative technologies to improve mining efficiency and safety, particularly in high-gas mines[47]. - The company is enhancing collaboration with research institutions to boost the conversion rate of technological innovations[47]. Governance and Management - The company aims to enhance its governance structure and improve performance evaluation mechanisms to boost operational efficiency[50]. - The company has established a registration system for insider information, ensuring compliance with regulations and preventing information leakage[147]. - The independent directors performed their duties objectively and provided independent opinions on significant matters[151]. - The company has made progress in enhancing its corporate governance structure in accordance with relevant laws and regulations[146]. Market Position and Strategy - The company has a strong market position with competitive products such as blowing coal and high-quality thermal coal, supported by a stable customer base[29]. - The company plans to deepen its capital market engagement to enhance growth and leverage policy support as a key state-owned enterprise in Shanxi[30]. - The company is focusing on high-quality development and innovation, aligning with national supply-side structural reforms[32]. Profit Distribution - The company plans to distribute a cash dividend of CNY 2.87 per 10 shares, based on a total share capital of 2,991,409,200 shares as of December 31, 2017[5]. - In 2017, the company distributed cash dividends amounting to approximately 2.78 billion RMB, representing 30.86% of the net profit attributable to ordinary shareholders[89]. - The company's profit distribution policy prioritizes cash dividends, aiming for a cumulative cash distribution of no less than 30% of the average distributable profit over the last three years[88].

Financial Performance - Operating revenue increased by 14.23% to CNY 5.14 billion year-on-year[7] - Net profit attributable to shareholders rose by 40.06% to CNY 713.46 million compared to the same period last year[7] - Basic earnings per share increased by 41.18% to CNY 0.24 per share[7] - The total profit for the period was ¥867,092,377.87, up 30.17% compared to the same period last year[13] - The company's net profit for the first quarter is not explicitly stated but can be inferred from the increase in retained earnings, which rose to CNY 13,204,296,302.10 from CNY 12,660,825,417.97[21] - The net profit attributable to shareholders of the parent company reached CNY 713,459,023.55, up 40.0% from CNY 509,396,216.43 in the previous year[26] - The total comprehensive income for the period was CNY 693,897,090.00, compared to CNY 464,130,115.84 in the previous year, reflecting a growth of 49.3%[26] Cash Flow - Cash flow from operating activities decreased significantly by 56.05% to CNY 543.59 million[7] - Cash inflow from operating activities totaled CNY 5,019,168,675.51, an increase from CNY 4,695,297,359.38 in the previous period, representing a growth of approximately 6.9%[30] - The net cash flow from operating activities decreased to CNY 543,593,189.17 from CNY 1,236,963,237.49, a decline of about 56.0%[30] - The net cash flow from investing activities improved by 40.19%, with a net outflow of ¥103,512,344.69 compared to ¥173,081,173.93 in the previous year[13] - Cash inflow from financing activities amounted to CNY 2,420,595,196.55, up from CNY 2,236,400,000.00, reflecting an increase of approximately 8.2%[31] - The company reported a net cash increase of CNY -537,378,450.99, contrasting with a net increase of CNY 465,750,500.89 in the previous period[31] Assets and Liabilities - Total assets decreased by 2.78% to CNY 64.62 billion compared to the end of the previous year[7] - Total assets as of March 31, 2018, were CNY 55,200,186,843.22, slightly down from CNY 55,625,111,790.98 at the beginning of the year[21] - Total liabilities decreased to CNY 33,556,591,445.61 from CNY 34,813,540,999.29, a reduction of approximately 3.6%[21] - Current liabilities totaled ¥32,131,749,928.36, down from ¥34,347,332,060.45[17] - The total equity attributable to shareholders increased to CNY 21,643,595,397.61 from CNY 20,811,570,791.69, an increase of 4.0%[21] Shareholder Information - The total number of shareholders reached 101,542 by the end of the reporting period[10] - The largest shareholder, Shanxi Lu'an Mining (Group) Co., Ltd., holds 61.27% of the shares, with 628 million shares frozen and 900 million shares pledged[10] Inventory and Receivables - Inventory grew to ¥1,526,891,640.99 from ¥1,057,264,278.09, representing a 44.42% increase[13] - Accounts receivable increased to CNY 4,309,419,582.23 from CNY 3,999,898,667.53, reflecting a growth of 7.7%[20] - Other receivables increased to ¥152,465,046.87 from ¥85,703,962.81, marking a 77.90% rise due to increased advance payments for village relocation[13] - Prepayments rose to ¥426,535,324.30 from ¥254,294,949.71, reflecting a 67.73% increase attributed to higher prepaid freight and material costs[12] Operating Costs and Expenses - The total operating costs increased to CNY 4,306,950,124.52, up 11.7% from CNY 3,852,248,052.15 in the previous year[25] - The company reported a significant increase in sales expenses, which rose to CNY 81,829,296.42 from CNY 39,094,826.37, an increase of 109.0%[25] - The management expenses slightly decreased to CNY 519,408,965.22 from CNY 530,800,372.83, a decline of 2.1%[25] - The tax expenses decreased to CNY 173,195,287.87 from CNY 202,001,479.45, a reduction of 14.3% year-over-year[25] Investment and Financial Assets - The fair value financial assets measured at fair value and included in current profit and loss increased to ¥302,541,084.74 from ¥781,552.24, a change of 38,610.28% due to the increase in trading financial assets[12] - Investment income rose to CNY 29,591,215.09, compared to CNY 15,221,536.02 in the same period last year, marking a 94.7% increase[25]

Financial Performance - The company expects a net profit attributable to shareholders for 2017 to increase by 1.8 billion to 2.1 billion CNY, representing a year-on-year increase of 210% to 245%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is also expected to increase by 1.8 billion to 2.1 billion CNY, with a year-on-year increase of 222% to 259%[4] - The net profit for the same period last year was 857.14 million CNY, and the net profit after deducting non-recurring gains and losses was 810.35 million CNY[6] - The earnings per share for the previous year was 0.29 CNY[7] Factors Influencing Profitability - The significant increase in net profit is primarily due to rising coal and coke prices as a result of national supply-side reforms and capacity reduction policies in the coal industry[8] - The company has strengthened internal management and expanded marketing efforts, further enhancing profitability[8] - As a national high-tech enterprise, the company benefits from certain tax incentives[9] Forecast Accuracy - There are no major uncertainties affecting the accuracy of this performance forecast[10] - The data provided is preliminary and subject to final audited results in the 2017 annual report[11]

Financial Performance - Operating revenue for the first nine months reached CNY 16.96 billion, a significant increase of 112.08% compared to the same period last year[8]. - Net profit attributable to shareholders surged by 2,005.89% to CNY 1.90 billion year-on-year[8]. - Basic earnings per share rose to CNY 0.64, up 2,033.33% from CNY 0.03 in the previous year[8]. - The company's operating revenue for the third quarter reached RMB 16,956,467,183.22, a 112.08% increase compared to RMB 7,995,467,271.93 in the same period last year, driven by rising coal prices and increased coal revenue[16]. - Total operating revenue for Q3 2017 reached ¥6,830,651,948.83, a significant increase of 133.5% compared to ¥2,919,614,692.12 in Q3 2016[27]. - Cumulative operating revenue from January to September 2017 was ¥16,956,467,183.22, compared to ¥7,995,467,271.93 in the same period of 2016, marking a growth of 112.8%[27]. - Cumulative net profit for the first nine months of 2017 was ¥1,824,120,088.28, a turnaround from a net loss of ¥32,358,524.46 in the same period last year[28]. Assets and Liabilities - Total assets increased by 7.93% to CNY 62.41 billion compared to the end of the previous year[8]. - The company's total assets as of September 30, 2017, amounted to RMB 62,407,633,670.07, up from RMB 57,823,582,302.90 at the beginning of the year[19]. - Total liabilities increased to RMB 34,337,309,951.53 from RMB 32,664,694,986.57, indicating a rise in short-term borrowings and payables[19]. - Total liabilities reached ¥30,200,757,910.40, compared to ¥26,047,924,208.46 at the beginning of the year, which is an increase of about 15.4%[24]. - Total equity rose to ¥20,327,495,268.35, up from ¥19,175,821,711.58, representing an increase of about 6.0%[24]. Cash Flow - Net cash flow from operating activities increased by 677.39% to CNY 4.62 billion compared to the same period last year[8]. - The net cash flow from operating activities for the first nine months of 2017 was CNY 4.62 billion, a substantial increase from CNY 594.03 million in the previous year[34]. - Cash and cash equivalents at the end of Q3 2017 amounted to CNY 7.64 billion, an increase from CNY 5.47 billion at the end of the same period last year[34]. - Operating cash inflow for the year-to-date period reached ¥14,498,751,506.16, a significant increase from ¥6,543,385,202.75 in the previous year, representing a growth of approximately 121.5%[36]. - Net cash flow from operating activities amounted to ¥4,886,311,269.54, compared to only ¥425,465,856.28 in the same period last year, indicating a substantial improvement[36]. Shareholder Information - The total number of shareholders reached 93,087 by the end of the reporting period[11]. - The largest shareholder, Shanxi Lu'an Mining (Group) Co., Ltd., holds 61.06% of the shares, with 628 million shares frozen[11]. Inventory and Prepayments - The total inventory increased by 46.37% to RMB 1,767,347,908.32 from RMB 1,207,456,128.68, attributed to the rise in coal and material stock[15]. - The prepayments surged by 431.28% to RMB 650,872,689.85 from RMB 122,509,786.01, due to an increase in advance payments for materials and equipment[15]. - The company reported a significant increase in prepayments, which rose to ¥374,205,908.72 from ¥83,025,233.61, a growth of approximately 350.5%[23]. Operating Costs and Expenses - The company reported a 90.17% increase in operating costs, totaling RMB 10,947,144,390.37, primarily due to higher employee compensation and material costs[16]. - The company’s financial expenses increased by 61.72% to RMB 574,764,679.33, mainly due to higher interest expenses[16]. - Total operating costs for Q3 2017 were ¥5,846,826,296.82, which is an increase of 102.5% from ¥2,893,435,099.17 in Q3 2016[27]. Profitability Metrics - The weighted average return on equity improved by 9.27 percentage points to 9.77%[8]. - The total profit for Q3 2017 was ¥1,006,877,014.66, compared to ¥34,814,989.29 in Q3 2016, showing a significant increase[28]. - Net profit for Q3 2017 reached CNY 494.79 million, compared to CNY 41.21 million in Q3 2016, indicating an increase of approximately 1,100% year-over-year[32]. - Tax expenses for Q3 2017 amounted to ¥260,868,227.22, compared to ¥39,228,353.87 in the same period last year, indicating higher profitability[28].