Core Viewpoint - China Coal Energy (01898.HK) announced the resignation of Vice President Zhang Guoxiu, effective immediately upon the board's receipt of the resignation letter, due to personal reasons. The resignation is not expected to adversely affect the company's daily operations [1] Group 1 - The resignation of Vice President Zhang Guoxiu was formally submitted to the board on March 20, 2026 [1] - The company stated that the resignation will not have a negative impact on its daily production and operations [1]

Core Viewpoint - China Coal Energy (01898.HK) announced the resignation of Vice President Zhang Guoxiu due to personal reasons, effective immediately upon the board's receipt of the resignation letter, with no adverse impact on the company's daily operations [1] Group 1 - The resignation of Zhang Guoxiu was formally submitted to the board on March 20, 2026 [1] - The company confirmed that the resignation will not negatively affect its daily production and operations [1]

Core Viewpoint - China Coal Energy (01898) announced the resignation of its Vice President Zhang Guoxiu, effective immediately upon the board's receipt of the resignation letter, due to personal reasons [1] Group 1 - The resignation was formally submitted to the board on March 20, 2026 [1]

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之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2026 年 3 月 20 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司關於副總裁離任的公告》。 中国中煤能源股份有限公司 关于副总裁离任的公告 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 ...

证券代码：601898 证券简称：中煤能源 公告编号：2026-007 中国中煤能源股份有限公司 关于副总裁离任的公告 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法律责任。 二、离任对公司的影响 根据《公司章程》等有关规定，张国秀的辞职自辞职报告送达董事会之日起 生效，其辞任不会对公司的日常生产经营产生不利影响。 特此公告。 中国中煤能源股份有限公司 2026 年 3 月 20 日 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。 2026 年 3 月 20 日，本公司董事会收到公司副总裁张国秀的书面辞职报告， 因个人原因请求辞去公司副总裁职务。具体情况如下： 一、提前离任的基本情况 | 姓名 | 离任职务 | | 离任时间 | | | 原定任期到期日 | 离任 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - Company Zhongmei Energy (SH 601898) announced on March 20 that Vice President Zhang Guoxiu submitted a resignation letter due to personal reasons, effective immediately upon receipt by the board [1] - The resignation of Zhang Guoxiu is not expected to adversely affect the company's daily operations [1] Group 2 - There is a growing trend among top universities, such as Fudan and Shanghai Jiao Tong, to establish aerospace colleges, indicating a surge in interest in aerospace education [1] - Companies are reporting a shortage of talent in the aerospace sector, making graduates from these new programs highly sought after [1]

Summary of China Coal and Shenhua Energy Conference Call Industry Overview - The conference discusses the thermal coal market in China, focusing on demand, supply, and pricing outlook for 2026, influenced by geopolitical factors and domestic production capabilities. Key Points 1. Demand Forecast - In 2026, China's thermal coal demand is expected to increase by 0.6% YoY, driven primarily by a 0.7% increase in the power segment, which accounts for 63% of total demand. Other sectors like cement and steel are projected to see declines of -2.6% and -1.6% respectively, while the chemicals sector is expected to grow by +5.3% [2][8] 2. Supply Outlook - Total coal output in China is projected to reach 4,902 million tons in 2026, reflecting a 0.6% YoY increase. However, this could be impacted by overproduction and regulatory constraints. Imported coal volume is expected to decline to 453 million tons, a decrease of 7.5% YoY, due to tightened supply from Indonesia [3][11][10] 3. Price Projections - The average price for QHD5500kcal coal is forecasted to be Rmb800 per ton in 2026, representing a 14.8% increase YoY. This price increase is supported by rising energy prices and potential additional supply from Xinjiang if domestic prices rise significantly [4][13] 4. Company-Specific Updates - **Shenhua Energy (1088.HK/601088.SS)**: - Earnings forecasts for 2025, 2026, and 2027 have been revised upwards by 0%, +11%, and +12% respectively, primarily due to higher coal and coal chemical product prices. Target prices have been adjusted to HK$54.7 for Shenhua-H and Rmb53.0 for Shenhua-A [27][28][29] - Dividend yields are projected at 5.1% for Shenhua-H and 4.5% for Shenhua-A, leading to an upgrade of Shenhua-A to Buy [29] - **China Coal (1898.HK/601898.SS)**: - Earnings forecasts for 2025, 2026, and 2027 have been revised by 0%, +22%, and +15% respectively, reflecting higher average selling prices (ASPs) for coal and coal chemical products. Target prices are set at HK$18.2 for China Coal-H and Rmb17.9 for China Coal-A [38][43][44] - Dividend yields are estimated at 4.0% for China Coal-H and 2.7% for China Coal-A, with an upgrade of China Coal-H to Buy and China Coal-A to Neutral [44] 5. Market Dynamics - The rising energy prices due to geopolitical tensions, particularly in the Middle East, are expected to support domestic thermal coal prices. However, the potential for increased domestic production could cap significant price spikes [1][4][13] 6. Additional Insights - The power segment remains the key driver of thermal coal demand, while the chemicals industry is anticipated to experience robust growth. The overall market dynamics suggest a cautious but optimistic outlook for the coal sector in 2026, with a focus on balancing supply and demand amidst regulatory challenges [2][3][8] This summary encapsulates the critical insights from the conference call regarding the thermal coal market in China, highlighting both the opportunities and challenges faced by key players in the industry.

Summary of the Conference Call for China Coal Energy (中煤能源) Industry Overview - The coal chemical industry is benefiting from product price adjustments, with significant profit contributions expected to materialize in Q2 2026, while Q1 contributions are limited due to the timing of price adjustments [2][3] - The Yulin Phase II coal chemical project is expected to commence production in December 2026, with a projected full capacity of 900,000 tons of polyolefins in 2027, potentially exceeding 100% operating rate [2][8] - Urea products are constrained by national price limits, with a maximum selling price of 1,810 RMB/ton; methanol, ammonium nitrate, and polyolefins prices have recently seen significant increases [2][3] Company Financials and Production - Coal production is expected to remain stable in 2026, with the Dahuai coal mine scheduled to produce 16 million tons, alongside an additional 4 million tons of reserve capacity pending policy clarification [2][9] - Cost control measures will continue, focusing on efficiency improvements and compliant use of reserve funds, aiming to maintain a low-cost position in the industry; a dividend payout ratio of approximately 35% is expected for 2025, with plans for steady increases in the future [2][5] Strategic Initiatives - The "14th Five-Year Plan" emphasizes coal-electricity integration and coal-chemical integration, with plans to acquire additional large-scale mines through state allocation, capacity increases, and market acquisitions [2][8][9] - The company is committed to enhancing its coal chemical business as part of its strategy to transition into a comprehensive energy enterprise, with a focus on risk mitigation [3][4] Market Dynamics and Pricing - The coal market is currently experiencing a price increase due to supply constraints and heightened attention to coal energy, although the domestic supply-demand situation remains relatively balanced [7] - The company does not plan to engage in large-scale coal exports, prioritizing national energy security over profit from price differentials [7] Future Outlook - The company is exploring potential capital operations at the group level but has no immediate plans for asset injections into the listed entity [6] - The coal chemical product sales strategy is dynamic, with prices following market trends rather than fixed long-term contracts, particularly for urea which is subject to price caps [4] Production Challenges - The impact of the coal mine's working face relocation is expected to last approximately 40 days, with production returning to normal by April; sales strategies typically align with production levels [7][9] Conclusion - The company is well-positioned to leverage its resource reserves and strategic initiatives to enhance its market position and profitability in the coal and coal chemical sectors, while maintaining a focus on cost control and shareholder returns [2][5][9]

Group 1 - Citigroup has upgraded the rating of China Coal Energy to Neutral [1] - The target price for China Coal Energy is set at 17.90 RMB [1]

Group 1 - The coal sector is showing strong performance, with companies like China Coal Energy leading in stock price increases [1][1][1]