中国中煤能源股份有限公司 2024 年度股东周年大会及 2025 年第一次 A 股类别股东会 会议资料 2025 年 6 月 中煤能源 2024 年度股东周年大会及 2025 年第一次 A 股类别股东会会议资料 目 录 | 会 | 议 须 | 知 | 1 | | --- | --- | --- | --- | | 2024 | | 年度股东周年大会会议议程 | 2 | | 2025 | 年第一次 | A 股类别股东会会议议程 | 4 | | 2024 | | 年度股东周年大会会议议案 | | | 议案一 | 关于《公司 | 2024 年度董事会报告》的议案 | 5 | | 议案二 | 关于《公司 | 2024 年度监事会报告》的议案 | 6 | | 议案三 | 关于《公司 | 2024 年度财务报告》的议案 | 10 | | 议案四 | 关于《公司 | 2024 年度利润分配预案》的议案 | 12 | | 议案五 | | 关于提请股东大会授权董事会制定并实施 2025 年中期分红方案的议案 | 13 | | 议案六 | | 关于继续给予公司发行债务类融资工具一般性授权的议案 | 14 | | 议案七 | 关于 ...

公司深度研究 | 中煤能源 能源央企，煤炭龙头 中煤能源（601898.SH）首次覆盖报告 【核心结论】基于经营模型分析，预计公司 2025-2027 年归母净利润分别为 161.52 亿、179.71 亿、185.66 亿，EPS 分别为 1.22、1.36、1.40 元，同 比增长-16.41%、11.26%、3.31%。综合考虑绝对估值法与相对估值法，给 予公司目标价 14.33 元/股。首次覆盖，给予"买入"评级。 【报告亮点】市场认为煤炭行业已开始呈现过剩的格局，供需宽松下煤价可 能出现较明显下滑；且认为公司过去三年分红率较低，未来分红难有提升。 但是我们认为在供需基本平衡格局下，预计 2025-2027 年现货采购价格中枢 依旧维持 750-850 元/吨的位置，公司经营较为稳健，未来分红能力有望实 现突破。 【主要逻辑】 主要逻辑一：供需基本平衡，煤价中枢较为稳定。因此我们预计 2025-2027 年在电煤长协充分保障的前提下，现货采购价格中枢依旧维持 750-850 元/ 吨的位置，最高价格仍旧存在创新高的可能。 主要逻辑二：公司资源丰富，产销量居全国前列。公司拥有煤炭储量 265.2 亿吨、 ...

中煤能源 20250604 摘要 炼焦煤价格反弹预期：受地产政策明朗化影响，市场预期炼焦煤需求将 提升，价格可能触底反弹，但尚缺乏更深层次分析支撑。中煤能源一二 季度炼焦煤价格维持在 1,100 元/吨左右，预计三季度及后续月份将保持 稳定。 新《矿产资源法》的积极影响：新法为矿产资源管理提供法律依据，规 范行业发展，有利于中煤能源资源和资产处置，推动市场有序合法运作， 但新建矿井环保成本增幅尚无法具体测算。 二季度经营状况稳定：中煤能源 2025 年 1 至 4 月煤炭产销量保持稳定， 业绩预计环比持平，但受煤价影响，与去年同期相比可能存在压力，详 细数据待 5 月经营数据披露后确认。 煤炭库存高位但去库化明显：公司煤炭库存包括矿产生产段库存及环渤 海和北部湾港库存，整体库存仍处于高位，但呈现明显的去库化趋势。 长协煤炭履约情况良好：中煤能源 2025 年长协比例不低于 75%，月度 和季度履约率均高于 90%，符合国家要求，履约情况正常。 Q&A 焦煤期货价格接近涨停，现货价格却保持稳定，这种情况反映了哪些市场因素？ 未来焦煤价格走势如何？ 焦煤期货价格涨停主要反映了市场对未来的预期。尽管目前焦煤期货价格 ...

Group 1: Xinhecheng - Xinhecheng introduced its production and sales status of Vitamin E and methionine, with an annual production capacity of 60,000 tons for Vitamin E, expected to reach full production and sales by 2024 [1] - The company has a solid methionine annual production capacity of 300,000 tons, with a collaboration project with Sinopec for 180,000 tons of liquid methionine set to begin trial production [1] - The company plans to invest in a headquarters in Hangzhou and has several projects under development, including a nylon new materials project in Tianjin with a total investment of 10 billion yuan [1] Group 2: China Coal Energy - The price of coking coal has remained stable at approximately 1,100 yuan per ton in the first two quarters of the year [2] - The company expects its annual coal production to remain consistent with last year's output, despite a significant month-on-month decline in domestic raw coal production in April due to falling coal prices [2] - China Coal Energy is focusing on cost reduction and efficiency improvements, with a stable cash dividend ratio expected for the year [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][80]. Core Views - The company is a state-owned coal giant with stable profitability and growth driven by joint ventures, highlighting its value in dividends [5][10]. - The company has a robust coal resource base, ranking third in total coal reserves and second in recoverable reserves among listed coal companies [7][29]. - The company is actively expanding its coal chemical business, which is expected to contribute to new growth drivers [7][67]. - The company has a strong cash flow and a low debt ratio, indicating potential for increased dividends in the future [10][76]. Summary by Sections Market Performance - The closing price of the company's stock is 10.71 yuan, with a market capitalization of approximately 142 billion yuan [3]. Financial Data - The company’s revenue for 2023 is projected at 192.97 billion yuan, with a net profit of 19.53 billion yuan, reflecting a year-on-year growth of 7.09% [6]. - The company’s debt-to-asset ratio stands at 44.80% [3]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 15.40 billion, 16.82 billion, and 17.96 billion yuan respectively, with corresponding P/E ratios of 9.2, 8.4, and 7.9 [8][72]. Investment Logic - The company benefits from high-quality coal resources and a high proportion of long-term contracts, ensuring stable coal prices and low sales costs [10][75]. - The company is diversifying into downstream industries, forming a coal-chemical integrated growth model [10][75]. Dividend Policy - The company has maintained a stable dividend payout ratio of around 30% from 2017 to 2022, with plans to increase dividends in 2023 and 2024 [10][76].

证券代码：601898 证券简称：中煤能源 公告编号：2025-019 中国中煤能源股份有限公司 2025 年 4 月份主要生产经营数据公告 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法律责任。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4 月份 | 累计 | 4 月份 | 累计 | 4 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,105 | 4,440 | 1,048 | 4,321 | 5.4 | 2.8 | | （二）商品煤销量 | 万吨 | 2,110 | 8,524 | 2,240 | 8,627 | -5.8 | -1.2 | | 其中：自产商品煤销量 | 万吨 | 1,114 | 4,382 | 1,110 | 4,341 | 0.4 | 0.9 | | 二、煤化工业务 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a net profit attributable to shareholders of 3.94 billion yuan in Q1 2025, a decrease of 0.95 billion yuan (-19.4%) year-on-year and a decrease of 0.77 billion yuan (-16.3%) quarter-on-quarter. The increase in coal production and sales, along with cost improvements, partially offset the impact of declining coal prices, but profitability still declined year-on-year. The company is expected to see production increases from its new coal mines in 2026, which could enhance its earnings elasticity. The company's long-term contracts are expected to provide stability in profitability during periods of falling coal prices. The projected net profits for 2025-2027 are 15.0 billion, 15.3 billion, and 15.7 billion yuan, respectively, corresponding to a PE ratio of 9.06x, 8.88x, and 8.67x based on the closing price on May 7 [2][6][10]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a coal production of 33.35 million tons, an increase of 620,000 tons (+1.9%) year-on-year, but a decrease of 1.91 million tons (-5.4%) quarter-on-quarter. The coal sales volume was 64.14 million tons, an increase of 270,000 tons (+0.4%) year-on-year, but a decrease of 1.518 million tons (-19.1%) quarter-on-quarter [7]. - The average selling price of coal decreased in Q1 2025, with the revenue per ton of self-produced coal at 492 yuan, down 106 yuan/ton (-17.7%) year-on-year and down 46 yuan/ton (-8.5%) quarter-on-quarter [8]. - The cost of self-produced coal was 270 yuan/ton, a decrease of 21 yuan/ton year-on-year, but an increase of 1 yuan/ton quarter-on-quarter [8]. - The gross profit margin for self-produced coal was 222 yuan/ton, a decrease of 85 yuan/ton year-on-year and a decrease of 47 yuan/ton quarter-on-quarter, resulting in a total gross profit of 7.3 billion yuan, down 2.7 billion yuan (-26.8%) year-on-year [8]. Market Outlook - The company has successfully connected its An Taibao 2×350MW low calorific value coal power generation to the grid. The Libu coal mine (4 million tons/year) and Weizigou coal mine (2.4 million tons/year) are expected to release production in 2026, indicating potential for production growth. The company’s high proportion of long-term contracts is expected to maintain profitability stability during periods of declining coal prices [2][10].

Core Viewpoint - The company reported a decline in net profit and revenue in Q1 2025, with a focus on cost control and strategic development in coal and chemical sectors [1][2][4]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue and net profit of 38.39 billion and 3.98 billion yuan, respectively, representing a year-on-year decline of 15.4% and 20% [1]. - The self-produced coal output increased by 1.9% year-on-year, while the comprehensive selling price decreased by 18% [1]. - The unit cost of self-produced coal was 270 yuan/ton, showing a year-on-year decrease of 7.3% [1]. - The gross profit margin for self-produced coal was 222 yuan/ton, down 27.6% year-on-year [1]. Group 2: Coal and Chemical Products - In Q1 2025, the sales volume of major coal chemical products such as polyolefins, urea, and methanol were 355,000, 600,000, and 529,000 tons, respectively, with methanol showing a significant year-on-year increase of 33.6% [2]. - The average selling prices for polyolefins, urea, and methanol were 6,876, 1,702, and 1,794 yuan/ton, with urea experiencing a notable decline of 23.9% year-on-year [2]. - The gross profit margins for polyolefins, urea, and methanol were 16%, 21.2%, and 21.2%, respectively, with significant quarter-on-quarter increases [2]. Group 3: Strategic Development - The company is advancing the construction of key coal mines and coal-electricity integration projects, with significant progress reported in the construction of the Libu and Weizigou coal mines [2]. - Plans for capital expenditure in 2025 are set at 21.68 billion yuan, a 41.7% increase from 2024, aimed at optimizing the industrial layout [3]. - The company is exploring the coupling development of new energy and chemicals, with ongoing projects in Shaanxi and the "Liquid Sunshine Project" [2][3]. Group 4: Investment Outlook - The company is expected to maintain stable performance in its coal business, with improved cost control and governance, leading to a more positive dividend attitude [4]. - Projected net profits for 2025-2027 are estimated at 17 billion, 18.5 billion, and 19.8 billion yuan, corresponding to a price-to-earnings ratio of 8.1, 7.5, and 7 times for 2025 [4].

Core Viewpoint - The Shanghai Composite Index opened lower but rose throughout the day, while the CSI 300 Energy Index experienced a slight decline of 0.31%, closing at 2091.25 points with a trading volume of 3.741 billion yuan [1] Group 1: Index Performance - The CSI 300 Energy Index has increased by 5.18% over the past month, decreased by 5.26% over the last three months, and has fallen by 13.60% year-to-date [1] - The CSI 300 Industry Index series categorizes 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] Group 2: Index Composition - The top ten weighted stocks in the CSI 300 Energy Index are: China Shenhua (24.96%), China Petroleum (17.91%), China Petrochemical (16.29%), Shaanxi Coal and Chemical Industry (14.81%), China National Offshore Oil Corporation (10.27%), Yanzhou Coal Mining (4.37%), China Coal Energy (3.64%), Shanxi Coking Coal (3.59%), Lu'an Environmental Energy (2.59%), and CNOOC Services (1.56%) [1] - In terms of industry composition, coal accounts for 50.37%, integrated oil and gas companies for 34.20%, fuel refining for 10.27%, coke for 3.59%, and oilfield services for 1.56% within the index [2] Group 3: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 Index samples or special events affecting a sample company's industry classification [2]

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown a recent increase of 12.00% over the past month, despite a decline of 2.47% over the last three months and a year-to-date decrease of 2.19% [2]. Group 1: Index Performance - The H300 Upstream Index reported a value of 2304.31 points [1]. - The index is based on the China Securities Hong Kong 300 Index, which selects securities according to industry classification to reflect the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Holdings - The top ten weighted stocks in the H300 Upstream Index are: - China National Offshore Oil Corporation (29.2%) - PetroChina Company Limited (12.49%) - Zijin Mining Group (10.46%) - China Shenhua Energy Company (9.9%) - China Petroleum & Chemical Corporation (9.54%) - China Hongqiao Group (3.74%) - China Coal Energy Company (3.28%) - Zhaojin Mining Industry Company (3.26%) - Yanzhou Coal Mining Company (2.64%) - Luoyang Molybdenum Co., Ltd. (2.41%) [2]. Group 3: Sector Composition - The H300 Upstream Index is fully composed of stocks listed on the Hong Kong Stock Exchange [3]. - The sector composition of the index includes: - Oil and Gas: 51.64% - Coal: 17.92% - Precious Metals: 15.77% - Industrial Metals: 10.00% - Rare Metals: 3.17% - Oil and Gas Extraction and Oilfield Services: 1.07% - Other Non-ferrous Metals and Alloys: 0.43% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].