Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The coal sector's overall performance in Q1 2025 showed a decline, with a total net profit of 24.12 billion yuan, down 41.5% year-on-year. Among 37 listed companies, 25 reported profits, with 23 experiencing a year-on-year decline in net profit [3] - The report suggests that the weak demand in Q1, influenced by holidays and higher temperatures, led to increased supply and falling coal prices. However, due to long-term contract pricing, the performance of thermal coal companies remained relatively stable. A rebound in coal prices is expected around mid-May [3] - The report emphasizes the importance of monitoring demand recovery and suggests that the current demand may represent the annual bottom, with a potential rebound in prices during the peak season [3] Industry Market Performance - As of April 29, the CITIC coal industry index fell by 3.69%, underperforming the CSI 300 index, which declined by 2.89%. Year-to-date, the coal sector has dropped by 13.99%, lagging behind the CSI 300 by 9.93 percentage points [10] - The coal industry's price-to-earnings ratio (TTM) is 11.5, which is relatively low compared to other sectors, ranking 27th among 30 CITIC primary industries [10] Supply and Demand Situation - In Q1 2025, the average daily sales of the top 20 coal groups decreased by 3.5% year-on-year, while national coal production increased by 8.1% to 1.2 billion tons [4][40] - The total coal consumption in China for Q1 2025 was 1.27 billion tons, a slight increase of 0.2% year-on-year, with the power sector consuming 740 million tons, down 3% [59] - The report indicates that coal prices have generally declined in Q1, with thermal coal prices at 767.6 yuan/ton, down 16.5% year-on-year [4] Investment Recommendations - The report recommends focusing on high-dividend thermal coal companies during market dips, specifically mentioning China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy for thermal coal, and Huabei Mining and Lu'an Environmental Energy for coking coal [3]

Summary of Lu'an Huaneng Conference Call Company Overview - **Company**: Lu'an Huaneng - **Industry**: Coal Mining Key Points and Arguments Production and Market Conditions - Lu'an Huaneng expects a slight increase in coal production in 2025, maintaining a target of 50 million tons, consistent with the previous year [2][4] - The long-term coal price remains stable at 570 RMB/ton, while the market price for injection coal is approximately 950-1,000 RMB/ton [2][6] - The coking coal market is in a weak balance with stable inventory levels [2][6] Financial Performance - The company reported a loss in Q4 2024 primarily due to concentrated management expenses and decreased production intensity [2][6] - In Q1 2025, costs have significantly decreased, and the company has suspended the special development fund to alleviate financial pressure [2][6] - The dividend payout ratio has decreased from 60% to 50% due to capital expenditures, resource purchases, and declining performance [5][14] Development Projects - The new acquisitions have been fully paid for, and development is underway, including the utilization of existing mines and the construction of new mines expected to take over five years [2][5][7] - There is no clear timeline for the commissioning of the Xinyu Mine and Jing'an Coal Mine technical transformation projects, with no expected production increase in 2025 [8][2] Exploration and Regulatory Environment - The exploration rights for Yuanfeng Mining and Shangma Mining are progressing, with ongoing preliminary procedures [9][10] - The approval process for exploration rights has been completed, but the government’s attitude towards new mine approvals has changed, requiring a gradual completion of processes [10] Inventory and Sales Discrepancies - There is a discrepancy of approximately 1.7 million tons between production and sales, attributed to losses during the conversion of raw coal to marketable coal and inventory factors [11] - Current inventory levels are stable at 300,000 to 400,000 tons [11] Future Outlook - The company does not anticipate significant impairment losses in 2025, following no major impairments in 2024 [12] - Future dividend trends are expected to remain stable, responding to regulatory guidance and shareholder demands [15] Cost Management - The suspension of the coal mine transformation development fund has reduced raw coal costs by approximately 5 RMB/ton, leading to an annual cost reduction of about 250 million RMB [16] - Other special reserve fees may also be adjusted based on market conditions, but will not fall below minimum safety standards [17] Coking Business Performance - The coking business is expected to perform similarly to 2024, with ongoing cost control and process optimization to improve marginal effects [19][20] Tax Incentives and Asset Injection - The company plans to apply for tax incentives around June 2025, with expectations of approval by the end of the year [21] - There is potential for asset injection from the group into the listed company, encouraged by recent national policies [22][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was under pressure due to a decline in both volume and price, with a focus on growth potential and the elasticity of blowing coal [3][4] - The company reported a revenue of 35.85 billion yuan in 2024, a year-on-year decrease of 16.9%, and a net profit attributable to shareholders of 2.45 billion yuan, down 69.1% year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 2.96 billion, 3.27 billion, and 3.67 billion yuan respectively, with year-on-year growth rates of 20.9%, 10.3%, and 12.3% [3][4] Financial Performance Summary - In 2024, the company's coal production was 51.85 million tons, a decrease of 6.2% year-on-year, while sales volume was 52.25 million tons, down 5% year-on-year [4] - The average selling price of coal in 2024 was 645.6 yuan per ton, a decrease of 11.3% year-on-year, while the cost per ton increased by 12.4% to 390.8 yuan [4] - The gross profit margin for 2024 was 36.9%, down from 47.7% in 2023 [6] Capacity and Growth Potential - The company has ongoing projects that are expected to contribute to capacity growth, including four under-construction mines with a total capacity of 3 million tons per year [5] - The company successfully acquired coal exploration rights in Shanxi province, which is expected to add significant resources in the future [5] Dividend Policy - The company maintains a high dividend payout ratio, with a projected dividend ratio of 50.07% for 2025, corresponding to a dividend yield of 3.7% based on the closing price on April 28, 2025 [5]

Investment Rating - The investment rating for Lu'an Environmental Energy (601699.SH) is "Buy" [1] Core Views - The report highlights significant cost reduction and efficiency improvements in the first quarter, with expectations for increased volume and reduced costs throughout the year [3] - The company aims to expand its resource base to address the short lifespan of existing mines, focusing on resource acquisition and project development [4][6] - The company is projected to maintain a high cash dividend payout ratio, reflecting strong asset quality and a solid operational strategy [6] Financial Performance Summary - In 2024, the company achieved total revenue of 35.85 billion yuan, a decrease of 16.89% year-on-year, and a net profit attributable to shareholders of 2.45 billion yuan, down 69.08% year-on-year [1] - The first quarter of 2025 saw a revenue of 6.97 billion yuan, a decline of 19.53% year-on-year, with a net profit of 0.66 billion yuan, down 48.95% year-on-year [2] - The company’s coal production in 2024 was 57.28 million tons, a decrease of 5.17% year-on-year, with expectations for recovery in the latter half of the year [3] Strategic Initiatives - The company is actively pursuing resource expansion and project construction to enhance its competitive edge in the coal industry [4] - A recent acquisition of coal exploration rights in Shanxi Province is expected to significantly boost the company's resource base [4] Earnings Forecast - The projected net profits for 2025-2027 are 1.86 billion, 2.44 billion, and 2.74 billion yuan respectively, with corresponding EPS of 0.62, 0.82, and 0.91 yuan per share [6] - The report maintains a positive outlook on the company's growth potential, supported by its strong market position and high dividend yield [6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company is expected to improve quality, reduce costs, and enhance efficiency, making it a preferred choice for investment [2][3] - The company's 2024 revenue is projected to be CNY 35.85 billion, a decrease of 16.89% year-on-year, with a net profit of CNY 2.45 billion, down 69.08% year-on-year [1][4] - For Q1 2025, the company reported revenue of CNY 6.968 billion, a decline of 19.53% year-on-year, and a net profit of CNY 657 million, down 48.95% year-on-year [1] Financial Performance - The company’s revenue and profit are expected to decline in 2024, with a forecasted revenue of CNY 32.95 billion in 2025, and net profit of CNY 2.21 billion [5] - The company plans to distribute a cash dividend of CNY 0.41 per share, totaling CNY 1.226 billion, resulting in a dividend yield of approximately 3.7% [4] - The projected net profits for 2025-2027 are CNY 2.21 billion, CNY 2.64 billion, and CNY 2.96 billion, with corresponding P/E ratios of 15.0X, 12.5X, and 11.2X [4] Production and Capacity - The company aims to maintain coal production at a scale of 50 million tons in 2025, with revenue exceeding CNY 30 billion [9] - The company has obtained exploration rights for the Shama block, increasing coal resources by over 800 million tons, supporting future development [9] - The company has 18 production mines with advanced capacity of 49.7 million tons per year, and ongoing projects are expected to add approximately 8.5 million tons per year [9] Market Conditions - The decline in both price and volume of coal has negatively impacted the company's performance in 2024 [2] - The average selling price of coal in 2024 is expected to be CNY 646 per ton, down 11.3% year-on-year, with a projected cost of CNY 391 per ton, up 12.4% year-on-year [9]

证券代码：601699 股票简称：潞安环能 公告编号：2025-019 山西潞安环保能源开发股份有限公司 关于申请注册发行中期票据的公告 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。 为优化债务结构，满足公司生产经营的流动资金需求，公司拟向中国银行间 市场交易商协会申请注册并在中国境内发行中期票据，发行本金不超过 50 亿元。 一、本次拟注册发行中期票据的基本方案如下： 1、注册发行规模：不超过 50 亿元，具体金额将根据资金需求情况拟定。 2、发行对象：全国银行间债券市场的机构投资者（国家法律、法规禁止购 买者除外）。 3、发行期限：不超过 10 年（含 10 年），具体发行期限根据公司的资金需求 以及市场情况确定。 4、发行利率：根据各期发行时银行债券市场状况确定。 5、募集资金用途：用于补充流动资金、收购资产、收购股权及其他符合国 家法律法规及政策的企业经营活动。 6、发行方式：在中国银行间市场交易商协会注册有效期内，根据公司实际 资金需求情况及发行市场情况，择机一次性或者分期发行。 7、承销方式：聘请已在中国人 ...

山西潞安环保能源开发股份有限公司 会计估计变更事项专项说明 的审核报告 立信会计师事务所(特殊普通合伙) O CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 关于山西潞安环保能源开发股份有限公司 会计估计变更事项专项说明的审核报告 信会师报字[2025]第 ZA10787 号 山西潞安环保能源开发股份有限公司董事会: 我们接受山西潞安环保能源开发股份有限公司(以下简称"潞安 环能")的委托,审核了后附的《山西潞安环保能源开发股份有限公 司关于会计估计变更事项的专项说明》(以下简称"专项说明")。 一、管理层的责任 潞安环能管理层根据《企业会计准则第 28 号一会计政策、会计 估计变更和差错更正》、《上海证券交易所股票上市规则》、《上海证券 交易所上市公司自律监管指南第2号一业务办理》及《上海证券交易 所上市公司自律监管指南第 1 号一公告格式》等相关规定,就本次拟 暂停计提"煤矿转产发展资金"事项,编制了后附的专项说明,以供 潞安环能董事会审议关于本次拟从2025年1月1日开始暂停计提"煤 矿转产发展资金"事项的相关议案之目的参考使用。潞安环能管理层 的责 ...

山西潞安环保能源开发股份有限公司 2024 年度 内部控制审计报告 索引 内部控制审计报告 页码 1-2 您可使用手机"扫一扫"成进入"注册会计师行业线 - 篮博平台（http://nc.mol.com.cn） 您可使用手机"扫一扫"成进入"注册会计师行业线 - 福德平台（http://nc.comeboo er 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了山西潞安环保能源开发股份有限公司（以下简称"潞安环能公司"）2024年 12 月 31 日财务报告内部控制的有效性。 一、 企业对内部控制的责任 北京市东城区朝阳门北大街 出發博览会会及社会命 I public accountants 内部控制审计报告 XYZH/2025TYAA1B0136 山西潞安环保能源开发股份有限公司 山西潞安环保能源开发股份有限公司全体股东: 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是潞安环能公司董事 会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审 ...

山西潞安环保能源开发股份有限公司 审计报告及财务报表 二○二四年度 山西潞安环保能源开发股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-138 | 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 审计 报 告 信会师报字[2025]第 ZA10784 号 山西潞安环保能源开发股份有限公司全体股东: 一、 审计意见 我们审计了山西潞安环保能源开发股份有限公司(以下简称潞安 环能)财务报表,包括 2024年 12月 31 日的合并及母公司资产负债 表,202 ...

山西潞安环保能源开发股份有限公司 关于与潞安集团财务有限公司开展金融业务的 风险预防处置预案 第一条 根据《上海证券交易所股票上市规则》、《上海证券交易所上市公司 自律监管指引第 5 号-交易与关联交易》、《中国证监会、中国银保监会关于规范 上市公司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号）相关要 求，为有效防范、及时控制和化解山西潞安环保能源开发股份有限公司（以下简 称"公司"）及子公司、关联公司在与潞安集团财务有限公司（以下简称"财务 公司"）金融业务中的资金安全，防范和化解潜在的或突发的风险事件，特制定 本风险预防处置预案。 第二条 金融业务风险预防处置应遵循以下原则： （一）强化管理，重在防范。要求财务公司强化管理，提高合规意识和风险 管理水平，有效防范各项风险； （二）及早预警，及时处置。公司应加强对风险的监测，对风险做到早发现、 早报告，并采取果断措施，及时控制和化解风险，防止风险扩散和蔓延，将业务 风险降到最低。 第二章 风险预防处置组织机构 第三条 公司成立风险预防处置领导组（以下简称"领导组"），由公司总经 理任组长，分管财务的副总经理任副组长，领导组成员包括公司财务管 ...