Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2023, was CNY 20,183,598,000 under IFRS and CNY 19,534,049,000 under Chinese GAAP, with a proposed cash dividend of CNY 5,860,214,700, representing 30% of the net profit under Chinese GAAP, equating to CNY 0.442 per share[4]. - The company's operating revenue for 2023 was CNY 192,968,833, a decrease of 12.5% compared to CNY 220,576,859 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 19,534,049, representing a 7.0% increase from CNY 18,259,055 in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 42,965,340, a decline of 1.5% from CNY 43,634,064 in 2022[15]. - The basic earnings per share for 2023 was CNY 1.47, up 6.5% from CNY 1.38 in 2022[17]. - The company achieved a total profit of 33.049 billion yuan in 2023, a 0.5% increase from the previous year and a 26.8% increase compared to 2021, with a three-year compound growth rate of 12.6%[27]. - Net profit attributable to shareholders reached 19.534 billion yuan, up 7.0% year-on-year and 42.2% compared to 2021, with a three-year compound growth rate of 19.2%[27]. - The company maintained a strong cash flow with net cash inflow from operating activities at 42.965 billion yuan, consistently above 40 billion yuan over the past three years[27]. Production and Sales - The production of self-produced commercial coal was 134.22 million tons, an increase of 15.05 million tons or 12.6% year-on-year[24]. - The sales volume of self-produced commercial coal was 133.91 million tons, an increase of 13.57 million tons or 11.3% year-on-year[24]. - The total coal production for the year was 133.42 million tons, with sales volume at 133.91 million tons, generating sales revenue of 80.62 billion RMB[98]. - The company achieved a record coal production of 134.22 million tons in 2023, an increase of 12.6% from 119.17 million tons in 2022[30]. - Total coal sales volume reached 284.94 million tons, up 8.4% from 262.95 million tons in 2022, with self-produced coal sales increasing by 11.3% to 133.91 million tons[33]. Cost Management - The unit sales cost of self-produced commercial coal decreased by 16 RMB per ton, a decline of 4.9%, contributing an additional profit of 2.1 billion RMB[25]. - The company’s asset-liability ratio decreased by 3.8 percentage points to 47.7%, reflecting improved financial stability[24]. - The company’s coal business operating costs were CNY 122.14 billion, a decrease of CNY 20.34 billion or 14.3% compared to CNY 142.49 billion in 2022[59]. - The gross profit for the coal business in 2023 was CNY 40.54 billion, down CNY 7.89 billion or 16.3% from CNY 48.43 billion in 2022, with a gross margin of 24.9%[63]. Investments and Projects - The company is advancing the construction of a 900,000-ton polyolefin project in Yulin, Shaanxi, and has completed investment decisions for the "Liquid Sunshine" project, which is included in the national energy innovation plan[26]. - The Dahu Coal Mine project has been approved to increase its construction scale from 15 million tons/year to 20 million tons/year, with a total investment of RMB 17.066 billion, and completed an investment of RMB 2.249 billion in 2023, totaling RMB 16.964 billion[105]. - The company’s capital expenditure for 2023 was planned at 18.02 billion RMB, with actual spending reaching 15.76 billion RMB, achieving 87.44% of the target[102]. - The company plans to allocate a capital expenditure of 16.009 billion yuan for 2024, representing a 1.6% increase from the 15.757 billion yuan completed in 2023[123]. Environmental and Social Responsibility - The company is actively participating in carbon peak and carbon neutrality initiatives, aligning with national environmental goals[179]. - The company has invested in ecological restoration projects, adhering to environmental red line regulations and focusing on land reclamation and soil conservation[184]. - The company has been recognized as a national "Green Factory" for its commitment to ecological and environmental responsibilities[179]. - The company invested CNY 32.6714 million in rural revitalization projects, benefiting over 30,470 people[196]. Governance and Compliance - The company established a governance structure consisting of the shareholders' meeting, party committee, board of directors, supervisory board, and management, ensuring clear responsibilities and regulatory compliance[134]. - The company has implemented a comprehensive internal control system, ensuring effective management and supervision of significant decisions and financial transactions[174]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees[5]. - The company plans to continue strict compliance with laws and regulations to protect the interests of shareholders in 2024[133]. Future Outlook and Strategy - The company plans to produce and sell over 129 million tons of coal in 2024, with polyolefin products and urea production targets set at 1.45 million tons and 1.85 million tons, respectively[114]. - The company aims to enhance coal supply capacity and industry leadership by optimizing production and marketing strategies, focusing on efficient collaboration between production and sales[115]. - The company is committed to achieving a "zero death" safety goal and will strengthen risk management and safety culture to support high-quality development[115]. - The company aims to create a world-class energy enterprise by 2035, focusing on multi-energy complementarity and green low-carbon development[113].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company's performance improved due to increased volume and reduced impairment losses, with a focus on the growth potential of coal and coal chemical sectors [4]. - In 2023, the company achieved revenue of 192.97 billion yuan, a year-on-year decrease of 12.5%, while the net profit attributable to shareholders was 19.53 billion yuan, an increase of 7.0% year-on-year [4]. - The report anticipates net profits for 2024-2026 to be 20.55 billion, 22.01 billion, and 23.77 billion yuan respectively, with year-on-year growth rates of 5.2%, 7.1%, and 8.0% [4][5]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 36.76 billion yuan, a year-on-year decrease of 18.7% and a quarter-on-quarter decrease of 21.5% [4]. - The comprehensive selling price of self-produced coal in 2023 was 602 yuan/ton, down 15.9% year-on-year, with specific prices for thermal coal and coking coal at 532 yuan/ton and 1386 yuan/ton, down 14.5% and 20.8% respectively [4]. - The coal business generated revenue of 162.68 billion yuan in 2023, a decrease of 14.8% year-on-year, with a gross profit of 40.54 billion yuan, down 16.3% year-on-year [4]. Production and Sales - The company achieved coal production and sales of 134.22 million tons and 284.94 million tons in 2023, representing increases of 12.6% and 8.4% year-on-year respectively [4]. - The self-produced coal sales reached 133.91 million tons, an increase of 11.3% year-on-year, while the bought-in trade coal sales decreased by 1.3% to 12.649 million tons [4]. Asset Quality and Future Outlook - The company's asset and credit impairment losses in 2023 were 0.285 billion and 0.061 billion yuan, respectively, showing significant reductions compared to 2022 [4]. - The Dahuize coal mine is expected to contribute to production capacity growth, with ongoing projects in various coal mines and non-coal businesses [4]. - The company plans to complete several projects in 2024, including low calorific value coal power generation and deep processing of coal [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [13]. Core Views - The company achieved a revenue of 192.97 billion yuan in 2023, a decrease of 12.52% year-on-year, while the net profit attributable to shareholders was 19.53 billion yuan, an increase of 6.98% year-on-year [7]. - The coal production and sales increased by 12.6% and 11.3% respectively, despite a decline in unit prices [8]. - The company is expected to see revenue growth in the coming years, with projected revenues of 211.25 billion yuan in 2024 and 225.38 billion yuan in 2026 [10]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 Revenue: 192.97 billion yuan, 2024E: 211.25 billion yuan, 2025E: 217.64 billion yuan, 2026E: 225.38 billion yuan [6][10]. - 2023 Net Profit: 19.53 billion yuan, 2024E: 21.84 billion yuan, 2025E: 23.47 billion yuan, 2026E: 25.55 billion yuan [10]. - **Earnings Per Share (EPS)**: - 2023 EPS: 1.46 yuan, 2024E: 1.65 yuan, 2025E: 1.77 yuan, 2026E: 1.93 yuan [10]. - **Valuation Ratios**: - Current P/E ratio is projected to be 7.2X in 2024, decreasing to 6.1X by 2026 [10]. Coal Business Overview - The company produced 134.22 million tons of self-produced coal in 2023, a 12.6% increase year-on-year, with a unit price decline of 15.9% [8]. - The company is expected to increase production capacity by 5 million tons annually, with projects completed in 2023 [8]. Coal Chemical Business Overview - The methanol production in 2023 was 1.901 million tons, with a unit price decrease of 9.5% [9]. - The company faced increased costs in Q4 2023, impacting profitability [10]. Dividend Policy - The company announced a cash dividend of 5.86 billion yuan for 2023, with a dividend payout ratio of 30%, resulting in a dividend yield of 3.74% based on the current stock price [10].

证券研究报告 | 年报点评报告 2024年03月21日 中煤能源（601898.SH） 加强央企市值考核，公司有望厚积薄发 公司发布 2023年业绩报告。2023年营业收入约1929.69亿元，同 买入（维持） 比减少12.5%；归母净利润约195.34亿元，同比增加7%。23Q4营 股票信息 业收入约367.6亿元，同比减少18.7%；归母净利润约28.5亿元。 行业 煤炭开采 煤炭业务：以量补价，成本小幅下滑。 前次评级 买入 3月20日收盘价(元) 11.81 总市值(百万元) 156,584.81 ➢ 产销方面，公司 2023 年实现产销 13422 万吨/28493 万吨，同 总股本(百万股) 13,258.66 比+12.6%/+8.4%，其中自产动力煤产销12330万吨/12298万 其中自由流通股(%) 69.03 吨，同比+12.9%/+11.4%，自产焦煤产销1092万吨/1093万吨， 30日日均成交量(百万股) 46.03 同比+9.4%/+9.5%。分季度来看，公司23Q4单季实现产销3305 股价走势 万吨/7013万吨，环比-2.9%/+2.9%，其中自产动力煤产销3071 万吨 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 截至2023年12月31日止年度業績公告 財務摘要： 中國中煤能源股份有限公司董事會欣然宣佈本集團根據國際財務報告準則編製的 本集團截至2023年12月31日止年度的經審核年度業績如下： 1 • 2023年本集團的收入為人民幣1,929.69億元，較2022年減少人民幣276.08 億元（即-12.5%）。 • 2023年本公司股東應佔利潤為人民幣201.84億元，較2022年增加人民幣 4.46億元（即2.3%）。 • 2023年本公司每股基本盈利為人民幣1.52元，較2022年增加人民幣0.03元。 • 2023年息稅折舊攤銷前盈利為人民幣447.54億元，較2022年增加人民幣 8.62億元（即2.0%）。 • 董事會建議按照每股人民幣0.442元（含稅）派發2023年年度末期股息，此項 建議尚待於20 ...

公司代码：601898 公司简称：中煤能源 中国中煤能源股份有限公司 2023 年度商誉减值测试报告 √是 □否 注：如选是请继续填写后续内容。 二、 是否在减值测试中取得以财务报告为目的的评估报告 □是 √否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 固定资产、无形资产、商誉 | - | - | - | - | - | 三、 是否存在减值迹象： 请年审会计师对该报告中公司填报的内容核实并确认。 年审会计师是否已核实确认：√是 □否 年审会计师姓名：钟丽、解彦峰 会计师事务所名称：安永华明会计师事务所（特殊普通合伙） 一、 是否进行减值测试 | 资产组名称 | 是否存在减值迹象 | | 备注 | 是否计提减值 | | 备注 | 减值依据 | | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 固定资产、无形资 | 不存在减值迹象 | - | | 否 | - | | 未减值不适用 | - | ...

中国中煤能源股份有限公司 2023 年度独立非执行董事述职报告 2023 年，本人严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《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 1 号 ——规范运作》等法律法规和《公司章程》等规定，依法依规履职， 忠实勤勉尽责，按时出席公司股东大会、董事会及专门委员会会议， 审慎审议各项议案，独立自主发表意见，积极为公司改革发展、管 理提升、风险防控建言献策，对促进董事会规范运作、科学决策、 推动公司高质量发展发挥了积极作用，维护了公司利益和全体股东 合法权益。现将 2023 年度履职情况报告如下： 一、基本情况 本人于 2017 年 6 月当选为第四届董事会独立非执行董事，2023 年 3 月当选为第五届董事会独立非执行董事。本人熟悉电力行业运 行情况，对该领域发展趋势有充分的了解，并具有丰富的人力资源 和企业管理经验，现兼任国家电网有限公司外部董事。本人在董事 会下设 5 个专门委员会中，分别担任提名委员会主席、战略规划委 员会和审计与风险管理委员会委员。 本人具有上市地证券监管机构所要求的独立性并向公司提供 ...

证券代码：601898 证券简称：中煤能源 公告编号：2024-006 中国中煤能源股份有限公司 第五届监事会 2024 年第一次会议决议公告 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法律责任。 重要内容提示： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 一、 监事会会议召开情况 二、 监事会会议审议情况 经与会监事一致同意，会议形成决议如下： （一）通过《关于<公司 2023 年年度报告>的议案》 赞成票：3 票， 反对票：0 票， 弃权票：0 票。 通过《公司 2023 年年度报告》，报告的编制和审议程序符合法律、行政法规 和中国证监会、上市地证券交易所的规定，报告的内容真实、准确、完整地反映 了公司的实际情况。 （二）通过《关于<公司 2023 年度监事会报告>的议案》 赞成票：3 票， 反对票：0 票， 弃权票：0 票。 通过《公司 2023 年度监事会报告》，并同意将《公司 2023 年度监事会报告》 提交公司 2023 年度股东 ...

证券代码：601898 证券简称：中煤能源 公告编号：2024-005 中国中煤能源股份有限公司 第五届董事会 2024 年第一次会议决议公告 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。 重要内容提示： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 一、 董事会会议召开情况 中国中煤能源股份有限公司第五届董事会 2024 年第一次会议通知于 2024 年 3 月 6 日以书面方式送达，会议于 2024 年 3 月 20 日以现场表决方式召开。会议 应到董事 7 名，实际出席董事 6 名，公司董事长王树东委托执行董事廖华军代为 出席并行使表决权，非执行董事徐倩以视频方式参加会议，公司监事、高级管理 人员等有关人员列席了会议，公司执行董事廖华军为本次会议主持人。本次会议 的召开程序及出席董事人数符合《中华人民共和国公司法》等法律、法规和《公 司章程》的规定。 二、 董事会会议审议情况 经与会董事一致同意，会议形成决议如下： （一）批准《关 ...

关于中国中煤能源股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位： 审计单位： 联系电话： 附件 1： 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明(2024)专字第70073531_A01号 中国中煤能源股份有限公司董事会： 我们审计了中国中煤能源股份有限公司的2023年度财务报表，包括2023年12月31 日的合并及公司资产负债表，2023年度的合并及公司利润表、股东权益变动表和现金 流量表以及相关财务报表附注，并于2024年3月20日出具了编号为安永华明(2024)审 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，中国中煤能源股份有限公司编制了后附的2023年度非经营性资金占用及其他关 联资金往来情况汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是中国中煤能源 股份有限公司的责任。我们对汇总表所载资料与我们审计中国中煤能源股份有限公司 2023年度财务报表时所复核的会计资料和经审计的财务报表的相关内容进行了核对， 在所有重大方面没有发现不一 ...