Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has shown significant results despite a decrease in profits, with increased coal production offsetting the decline in coal prices. In the first half of 2025, the company achieved a raw coal output of 28.63 million tons and a sales volume of 25.25 million tons, marking a notable recovery year-on-year [5][6] - The company is strategically expanding its resources to address the short lifespan of existing mines, focusing on resource expansion, project construction, technological upgrades, mergers and acquisitions, and product upgrades to enhance its competitive edge [5][6] - The company maintains a high dividend payout ratio, with cash dividends accounting for 50% of the net profit attributable to shareholders in 2024, reflecting strong cash flow and asset quality [6] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 14.069 billion yuan, a year-on-year decrease of 20.31%, and a net profit attributable to shareholders of 1.348 billion yuan, down 39.44% [1] - The second quarter of 2025 saw a single-quarter operating revenue of 7.101 billion yuan, a year-on-year decrease of 21.05%, but a quarter-on-quarter increase of 1.92% [2] - The company's gross profit margin decreased significantly from 45.6% to 38.4% year-on-year due to a drop in coal prices, with the average selling price of coal falling from 683 yuan/ton to 516 yuan/ton [5] Earnings Forecast - The company is expected to achieve net profits of 2.278 billion yuan, 2.695 billion yuan, and 2.964 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.76, 0.90, and 0.99 yuan per share [8]

Investment Rating - The report upgrades the investment rating to "Recommended" based on the expected performance and flexibility in pricing mechanisms [5][3]. Core Views - The company reported a revenue of 14.069 billion yuan for the first half of 2025, a year-on-year decrease of 20.31%, with a net profit attributable to shareholders of 1.348 billion yuan, down 39.44% year-on-year [1]. - In Q2 2025, the company achieved a net profit of 0.691 billion yuan, a year-on-year decrease of 26.99% but a quarter-on-quarter increase of 5.1% [1]. - The company confirmed asset disposal gains of 0.204 billion yuan in Q2 2025, primarily from the transfer of some coking capacity [1]. Summary by Sections Revenue and Production - In H1 2025, the company produced 28.63 million tons of raw coal, a year-on-year increase of 3.47%, with a significant rise in the production of injection coal by 13.2% to 1.098 million tons [2]. - The total sales volume of commodity coal reached 25.25 million tons, up 2.85% year-on-year, with injection coal sales increasing by 15.71% [2]. Cost and Profitability - The average selling price of coal in H1 2025 was 516.2 yuan per ton, down 24.43% year-on-year, while the cost per ton was 317.9 yuan, a decrease of 14.41% [2]. - The total gross profit from coal business was 5.009 billion yuan, down 34.53% year-on-year [2]. - In Q2 2025, the average selling price of coal was 492.72 yuan per ton, down 27.25% year-on-year, while the cost per ton was 298.12 yuan, down 18.43% year-on-year [2]. Strategic Adjustments - The company plans to shut down the Xidong Coal Mine with a production capacity of 600,000 tons per year due to resource depletion, which is expected to reduce loss sources and optimize resource allocation [3]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 3.969 billion yuan, 5.976 billion yuan, and 6.622 billion yuan, respectively, with corresponding EPS of 1.33 yuan, 2.00 yuan, and 2.21 yuan [4]. - The PE ratios for the same years are expected to be 10, 7, and 6 times, respectively [4].

Group 1 - The company Lu'an Environmental Energy reported a 20.31% year-on-year decrease in operating revenue for the first half of 2025, amounting to approximately 14.069 billion yuan [1] - The net profit attributable to shareholders of the listed company decreased by 39.44% year-on-year, totaling around 1.348 billion yuan [1] - The basic earnings per share fell by 39.19% year-on-year, reaching 0.45 yuan [1]

Core Viewpoint - The board of directors of Shanxi Lu'an Environmental Energy Development Co., Ltd. held its ninth meeting of the eighth session, where several key proposals were discussed and approved, including the half-year report and various governance changes [1][2][3]. Group 1: Board Meeting Details - The board meeting was held on August 27, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1]. - The meeting was chaired by Chairman Wang Zhiqing, with 5 supervisors in attendance [1]. Group 2: Resolutions Passed - The half-year report for 2025 was approved with unanimous support (9 votes in favor) [2]. - A risk assessment report for conducting deposit and loan business with Lu'an Group Financial Co., Ltd. was approved, requiring further submission to the shareholders' meeting [2]. - A proposal for comprehensive credit business was unanimously approved [2]. - The proposal to abolish the supervisory board and amend the company’s articles of association was also approved, pending shareholder approval [2][3]. - Various amendments to governance documents, including the rules for shareholder meetings and board meetings, were approved unanimously [7][8][9]. Group 3: Financial and Operational Proposals - A proposal to provide financial assistance to a controlling subsidiary was approved and will be submitted for shareholder review [10]. - The closure of the mining operations of a subsidiary was approved, indicating a strategic shift in operations [10]. - The public transfer of coking capacity indicators by a subsidiary was also approved, reflecting operational adjustments [10].

证券代码：601699 股票简称：潞安环能 公告编号：2025-037 山西潞安环保能源开发股份有限公司 第八届监事会第六次会议决议公告 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 以同意 7 票、反对 0 票、弃权 0 票通过该议案。 （二）关于审议公司《在潞安集团财务有限公司办理存贷款业务 的风险评估报告》的议案 具体内容详见上海证券交易所网站（www.sse.com.cn） 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。 一、 监事会会议召开情况： 山西潞安环保能源开发股份有限公司（以下简称"公司"）第八 届监事会第六次会议于 2025 年 8 月 27 日在公司会议室以现场结合通 讯方式召开。会议通知已于 2025 年 8 月 15 日以通讯方式向全体监事 发出。本次会议应出席监事 7 名，实际出席 7 名。 本次会议由公司监事会主席张国印先生主持。本次会议的召集和 召开符合《公司法》《上海证券交易所股票上市规则》等法律法规、 部门规章、规范性文件及《公司章程》的相关规定。 二、监事会会议审议情况 本次监事会审议并通过以下决议： （一）关于审议公司二○二五 ...

Group 1 - The company is holding its first extraordinary general meeting of shareholders in 2025 on September 16, 2025, at 10:00 AM in Shanxi Province [4] - The agenda includes the revision of the company's articles of association and the proposal to change the registered address from "No. 65, North Street, High-tech Development Zone, Changzhi City" to "No. 50, Haisen East Street, Luzhou District, Changzhi City" [5][7] - The company proposes to abolish the supervisory board and terminate the relevant rules, transferring the supervisory functions to the audit committee of the board of directors [5][6] Group 2 - Shareholders must arrive at the meeting venue half an hour early and bring identification and shareholder account cards for registration [1][2] - The meeting will adopt a named voting method for resolutions, where each shareholder has one vote per share held [3] - Shareholders have the right to speak and ask questions during the meeting, but must adhere to time limits and relevant rules [2][3] Group 3 - The company emphasizes the importance of maintaining order during the meeting and protecting the legal rights of shareholders [2] - The company will report any disturbances to the relevant authorities for handling [2] - The meeting will conclude with the announcement of voting results and legal opinions by the appointed lawyer [3][6]

Group 1 - The company, Shanxi Lu'an Environmental Energy Development Co., Ltd., is holding its first extraordinary general meeting of shareholders in 2025 on September 16, 2025, at 10:00 AM [1][2] - The meeting will be conducted both in-person and via the Shanghai Stock Exchange's online voting system, with specific voting times outlined [2][3] - The agenda includes a proposal to amend the company's "Rules of Procedure for Shareholders' Meetings" [2][6] Group 2 - Shareholders can vote through the Shanghai Stock Exchange's online voting system, either via the trading system or the internet platform [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same class of shares [3][4] - The registration for attending the meeting is set for September 15, 2025, with specific requirements for both individual and corporate shareholders [5][6]

Core Points - The document outlines the information disclosure management system for Shanxi Lu'an Environmental Protection Energy Development Co., Ltd in the interbank bond market, aiming to enhance the quality of information disclosure and protect the rights of the company and its investors [1][2][3] Group 1: General Principles - The company establishes a responsible person for information disclosure, who coordinates related work and maintains investor relations [2] - The company must fulfill its information disclosure obligations timely and fairly, ensuring the content is true, accurate, and complete [2][4] - Information disclosure should adhere to principles of truthfulness, accuracy, completeness, timeliness, and fairness [4] Group 2: Disclosure Standards - Information disclosure includes all information required by regulatory bodies during the issuance or existence of debt financing tools that may significantly impact the company's debt repayment ability [3][4] - The company must disclose specific documents before issuing debt financing tools, including audited financial reports and credit rating reports [8] Group 3: Disclosure Content - The company must disclose the actual issuance scale, price, and term of debt financing tools by the next working day after the debt registration date [5] - Regular reports must be disclosed within specified timeframes, including annual, semi-annual, and quarterly financial statements [12][13] Group 4: Major Events Disclosure - The company must disclose significant events that may affect the repayment ability of debt financing tools or investor rights promptly [6][7] - Major events include changes in company name, significant operational changes, and changes in key personnel [7] Group 5: Management and Responsibility - The board of directors is responsible for overseeing the information disclosure work, with the board secretary acting as the main responsible person [30][31] - All relevant personnel must ensure the accuracy and completeness of the information disclosed [14][15] Group 6: Confidentiality Measures - The company must implement strict confidentiality measures to protect insider information and prevent unauthorized disclosures [41][42] - Individuals with access to insider information are obligated to maintain confidentiality and are prohibited from insider trading [43][44] Group 7: Accountability and Penalties - Company directors and senior management are accountable for the truthfulness and accuracy of disclosed information [52] - Violations of disclosure obligations may lead to internal penalties or legal actions if severe [55]

山西潞安环保能源开发股份有限公司 重大信息内部报告管理办法 依照上市公司监管相关规定，规范对公司股票及衍生品种的买卖行为。 买卖行为发生前，应提前报送买卖计划，以便及时采取应对措施，避 免出现违规行为。 第一章 总则 第一条 为加强山西潞安环保能源开发股份有限公司（以下简称 "公司"）内部信息报告管理，规范重大信息报告义务人的信息报告 行为，归集和管理公司对外披露信息来源，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司信息披露管理办法》和 《上海交易所股票上市规则》（以下简称《股票上市规则》）等有关 法律法规、规范性文件及《山西潞安环保能源开发股份有限公司章程》 （以下简称"《公司章程》"），结合公司实际，制定本办法。 第二条 本办法所称重大信息，是指尚未公开并且可能对公司股 票及其衍生品种的交易价格或投资人的投资决策产生较大影响的任 何情形或事件信息。 第三条 本办法所称重大信息报告义务人，是指公司董事、高级 管理人员,公司各职能部门、分支机构，子公司及参股公司，公司控 股股东、实际控制人、持股 5%以上的股东及其一致行动人和其他可 能知悉公司重大信息的人员。 第四条 重大信息报告义务人对 ...

General Principles - The rules are established to enhance the management of shares held by the board of directors and senior management of Shanxi Lu'an Environmental Energy Development Co., Ltd. and to protect the legitimate rights and interests of investors [1] - The shares held by the board and senior management include those registered in their names and those held through others' accounts [1] Trading Prohibitions and Restrictions - Shares held by the board and senior management cannot be transferred under certain conditions, including within one year of the company's stock listing and within six months after leaving the company [2] - The maximum amount of shares that can be transferred during their term and six months after is limited to 25% of their total holdings, with exceptions for certain circumstances [3] Reporting and Disclosure - Board members and senior management must report any changes in their shareholdings within two trading days and disclose details such as the number of shares before and after the change [6] - A written notice of trading plans must be submitted to the board secretary before any share transactions [14] Violations and Responsibilities - If board members or senior management violate the rules, the company can impose administrative penalties, seek civil compensation, or report to judicial authorities for criminal liability [20][21] - The company is responsible for reporting violations to the Shanghai Stock Exchange and regulatory agencies [21] Miscellaneous - The rules will take effect upon approval by the company's board of directors [24]