证券代码：601898 证券简称：中煤能源 公告编号：2025-011 中国中煤能源股份有限公司 2025 年 3 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（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 3 月份 | 累计 | 3 月份 | 累计 | 3 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,163 | 3,335 | 1,083 | 3,273 | 7.4 | 1.9 | | （二）商品煤销量 | 万吨 | 2,476 | 6,414 | 2,397 | 6,387 | 3.3 | 0.4 | | 其中：自产商品煤销量 | 万吨 | 1,239 | 3,268 | 1,106 | 3,231 | 12.0 | 1.1 | | 二、煤化工业务 | | | | | | ...

中煤能源公布3月份主要生产经营数据，商品煤销量2476万吨，同比增长3.3%。 ...

事件 近日，公司发布2024 年年报，中煤能源2024 年实现营业收入1894.0 亿元，同比减少1.9%；归母净利润 193.23 亿元，同比下降1.1%；毛利率为24.9%，同比下降0.2pct，资产负债率为46.29%，同比下降 1.39pct。 投资要点 煤炭板块：增产提效抵消煤价波动 产量方面。自产商品煤全年累计产量达1.38 亿吨，同比增长2.5%，增量主要来自大海则煤矿产能贡 献。Q4 单季产量3526 万吨，环比Q3 降低1.54%，产能利用率维持高位。贸易煤全年销量2.85 亿吨，同 比持平。 价格与成本方面。自产煤售价全年均价562 元/吨，同比下滑6.6%，全年相比前三季度下降1.58%。成本 控制成效显著：吨煤销售成本281.73 元，同比下降25.28 元，降幅8.2%，主要受益于运输费用优化，及 折旧摊销减少。 毛利润方面。煤炭业务全年毛利396.28 亿元，占公司总毛利的84.1%，为核心盈利来源。Q4 单季毛利 103.75 亿元，环比Q3 上升10.31%。全年吨煤毛利280.27元，毛利率24.7%，同比下降0.2pct。 煤化工板块：产能扩张与成本优化双轮驱动 产量方面。 ...

Group 1 - The core index of the A-share market showed mixed performance, with the China Securities Energy Index rising by 0.89% to 2609.76 points, with a trading volume of 9.268 billion yuan [1] - Over the past month, the China Securities Energy Index has decreased by 2.70%, down 8.34% over the last three months, and down 13.01% year-to-date [1] - The top ten weighted stocks in the China Securities Energy Index include China Shenhua (15.98%), China Petroleum (13.33%), and China Petrochemical (12.31%) [1] Group 2 - The China Securities Energy Index is composed entirely of energy sector stocks, with a 100% industry representation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index samples occur when the China Securities 800 Index undergoes changes, and companies that experience special events affecting their industry classification will also lead to adjustments in the index [2]

Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].

Summary of Conference Call Industry Overview - The conference call primarily discusses the coal industry, focusing on pricing trends, inventory levels, and market dynamics in both domestic and international contexts [1][2][3][4][5][6]. Key Points and Arguments 1. **Price Trends**: - As of the last week, port prices for coal have dropped to 688, with some prices falling below 686, indicating a continued downward trend [1]. - The price at the pit has seen a slight increase of 2% to 3% after significant previous declines, but overall, prices are still in a phase of gradual bottoming out without a clear upward trend [1][6]. 2. **Inventory Levels**: - High inventory levels at ports are contributing to the downward pressure on prices, with total inventory at northern ports reported at 3,111 million tons, down slightly from 3,158 million tons but still at historically high levels [5]. - Power plants are also experiencing high inventory levels, leading to a lack of purchasing activity [5][6]. 3. **Market Dynamics**: - There is a notable price inversion between pit and port prices, with pit prices around 740 while port prices remain below 690, leading to reduced shipping activity to ports [2]. - Internationally, Australian and Indonesian coal prices are stable or increasing, with Indonesian prices rising nearly 1% to 83.7 USD, but still showing a significant price inversion compared to domestic prices [3]. 4. **Policy and Regulation**: - There are rumors regarding potential restrictions on coal imports, but the likelihood of significant policy changes is considered low due to the ongoing focus on energy security [12][13]. - The discussion includes the impact of stricter inspections on imported coal, which may delay procurement but is not expected to significantly alter overall import volumes [15][16]. 5. **Future Outlook**: - The coal market is expected to remain weak in the short term, with prices likely to continue fluctuating downwards, although there is potential for a bottoming out phase to begin around late April to early May [22][24]. - Long-term investment in coal stocks, particularly in dividend-paying companies like China Shenhua and Northeast Energy, is recommended as a defensive strategy [23][24]. Other Important but Overlooked Content - The call highlights the cautious sentiment among power plants regarding future coal purchases, with expectations that long-term contracts will not be signed aggressively due to current market conditions [17][18]. - The potential for a price rebound is acknowledged, but it is suggested that any significant upward movement in coal prices will take time and may not occur until the market stabilizes [24]. - The focus on maintaining price stability through inventory management strategies by major coal companies is emphasized, indicating a strategic approach to mitigate price volatility [21][22].

Summary of Conference Call Records Industry Overview - The records primarily discuss the coal industry, focusing on production, pricing, and market dynamics related to coal supply and demand. Key Points Production and Sales Data - In January and February, the total output of commodity coal was 21.72 million tons, a year-on-year decrease of 180,000 tons [1] - The total sales volume of commodity coal was 39.38 million tons, a year-on-year decrease of 520,000 tons [1] - Rectangular nails production was 246,000 tons, down 14,000 tons year-on-year, with sales at 213,000 tons, down 10,000 tons [1] - Urea column production increased to 341,000 tons, up 53,000 tons year-on-year, with sales at 347,000 tons, up 88,000 tons [1] - Methanol production was 342,000 tons, an increase of 67,000 tons year-on-year, with sales also at 347,000 tons, up 88,000 tons [1] - The average revenue per unit from farms was 1.62 billion yuan, a decrease of 210 million yuan due to falling prices of major products [1] Market Dynamics - The coal market is experiencing a significant downturn due to various factors, including seasonal demand fluctuations, supply-demand mismatches, inventory buildup, and the impact of imported coal on energy structure transformation [1] - As of February 28, the price of 5500 kcal thermal coal at northern ports was 701 yuan per ton, down 60 yuan from the previous month and down 230 yuan year-on-year, reflecting a decline of 20% [1] - The inventory situation at ports indicates that the inflow is higher than the outflow, leading to continued inventory accumulation [2] Price Trends - As of March 14, the spot price for 5500 kcal thermal coal was 690 yuan per ton, a decrease of 6 yuan from the previous month and down 202 yuan year-on-year [3] - The long-term price for March was projected at 686 yuan, indicating a weak downward trend in the market [3] - The price of coking coal is also under pressure, with expectations of a slight recovery in demand but overall production remaining stable [3] Future Outlook - The company anticipates that the overall production will stabilize as factories resume operations post-Spring Festival, with plans to maintain import levels [5] - There are concerns regarding the potential for price adjustments in response to high inventory levels and market conditions [6][7] - The company is focused on enhancing sales strategies and managing inventory effectively to mitigate market fluctuations [9] Regulatory and Strategic Considerations - The company is observing rumors regarding potential restrictions on coal imports and is preparing to adapt to any regulatory changes that may arise [7][8] - Long-term contracts are emphasized as a strategy to stabilize pricing and ensure consistent supply [11] Investor Engagement - The call included a Q&A session where investors raised concerns about inventory management and production decreases, with the company providing insights into its operational strategies and market outlook [9][10] Conclusion - The coal industry is currently facing challenges due to price declines and inventory issues, but the company is taking proactive measures to manage production and sales while preparing for potential regulatory changes. The focus remains on stabilizing operations and enhancing investor communication.

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for performance improvement due to supply contraction leading to a rebound in coal prices and company performance [1]. Core Insights - The domestic raw coal production increased by 7.7% year-on-year in the first two months of 2025, totaling 765 million tons, while coal imports saw a decline of 0.9% year-on-year [2][3]. - The average price of thermal coal and coking coal at ports dropped significantly in Q1 2025, with thermal coal prices falling approximately 19.92% year-on-year and coking coal prices down about 40.21% year-on-year [2][16]. - Key companies in the coal sector are expected to report varying performance in their Q1 2025 earnings, with China Shenhua and Electric Power Investment Energy showing better-than-expected results, while Shaanxi Black Cat is anticipated to underperform [2][18]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production increased by 600.6 million tons, a 7.7% rise compared to the same period in 2024, with significant contributions from Shanxi (20.3% increase) and Inner Mongolia (2.0% increase) [3][8]. - Coal imports for the first three months of 2025 totaled 11.5 million tons, reflecting a 0.9% decrease year-on-year, with March marking the first month of negative growth since January 2023 [11][13]. Price Trends - The average price of 5500 kcal thermal coal at ports was approximately 723 RMB/ton in Q1 2025, down from 903 RMB/ton in Q1 2024, marking a decline of 19.92% [2][16]. - Coking coal prices also saw a significant drop, with the average price for Shanxi's main coking coal at 1444 RMB/ton in Q1 2025, down 40.21% from 2416 RMB/ton in Q1 2024 [2][17]. Company Performance Forecasts - China Shenhua is expected to report an EPS of 0.70, a year-on-year decrease of 12.94%, while Electric Power Investment Energy is projected to have an EPS of 0.84, down 3.6% year-on-year [2][18]. - Companies like Shaanxi Coal and Yanzhou Coal are expected to report earnings that are in line with expectations, while Shaanxi Black Cat is forecasted to underperform with an EPS of -0.27, a significant drop of 169.28% year-on-year [2][18]. Investment Recommendations - The report recommends focusing on companies benefiting from increased market coal and stable operations with high dividends, such as China Shenhua and Shaanxi Coal, while also considering undervalued companies like Huabei Mining and Pingmei Shenma [2].

Financial Performance - The company achieved operating revenue of RMB 189.4 billion, a year-on-year decrease of 1.9%[5] - Profit attributable to shareholders was RMB 18.2 billion, down 10.0% year-on-year, with a net asset return rate of 12.24%[5] - The company's total revenue decreased by 1.9% to 189.399 billion yuan from 192.969 billion yuan in the previous year, with a reduction of 3.57 billion yuan[18][19] - For the fiscal year ending December 31, 2024, the company achieved a pre-tax profit of 30.316 billion yuan, with a profit attributable to shareholders of 18.156 billion yuan, reflecting a decrease of 10% year-on-year[15][19] - The gross profit decreased by 8.8% to CNY 379.22 billion, with a gross margin decline of 1.5 percentage points to 20.0%[25] - The coal business revenue decreased by 1.2% to CNY 1,607.12 billion for the year ended December 31, 2024, compared to CNY 1,626.81 billion for the previous year[26] Coal Production and Sales - The company produced 137.57 million tons of self-produced commercial coal, an increase of 3.35 million tons or 2.5% year-on-year[6] - The sales volume of self-produced commercial coal reached 137.63 million tons, up 3.72 million tons or 2.8% year-on-year[6] - The coal production reached a historical high of 137.57 million tons, despite a drop in average selling price leading to a revenue loss of 5.554 billion yuan[16] - The self-produced coal sales volume increased by 372 million tons to 13,763 million tons, while the average selling price decreased by CNY 40 per ton[28] - Total coal sales volume for 2024 was 28,483 million tons, remaining stable year-on-year, with self-produced coal sales increasing by 372 million tons, or 2.8%[76] Cost Management - The unit sales cost of self-produced commercial coal decreased by RMB 9 per ton, increasing profits by RMB 1.2 billion[7] - The unit sales cost of self-produced coal decreased by 8.99 yuan per ton to 344.84 yuan per ton, while the coal business achieved a gross profit of 30.942 billion yuan[16] - The sales cost increased by 0.1% to CNY 1,514.77 billion, with the coal business sales cost rising by 1.1% to CNY 1,297.70 billion[24] - The unit sales cost of self-produced coal decreased by CNY 8.99 per ton, a decline of 2.5%, resulting in a total unit sales cost of CNY 344.84 per ton for the year ending December 31, 2024[33] Financial Services - The company’s financial business achieved a net profit exceeding RMB 1 billion for the first time, with total assets surpassing RMB 100 billion for two consecutive years[7] - The financial services segment reported a pre-tax profit of 1.396 billion yuan, maintaining growth despite a general decline in market interest rates[16] - The financial services segment reported a revenue increase of 2.3% to CNY 20.05 billion[23] Shareholder Returns - The company implemented a total dividend of RMB 10.3 billion for the year 2023 and the mid-year dividend for 2024, enhancing shareholder returns[5] - The group reported a profit attributable to shareholders of CNY 18,155,988,000 for the year ending December 31, 2024, with a proposed cash dividend distribution of CNY 3,418,258,200, equating to CNY 0.258 per share[180] - The company plans to distribute at least 20% of the distributable profit attributable to shareholders in cash dividends, contingent on profitability and retained earnings being positive[178] Innovation and Technology - The company received 47 industry advancement awards and was granted 276 patents in 2024, reflecting its commitment to innovation and technology[9] - The company has established a comprehensive R&D system with significant enhancements in technological capabilities, including 18 high-tech enterprises and 47 industry and provincial-level science and technology progress awards[135][138] - The company launched the world's first 200-ton pure electric mining dump truck and the first 8MW ultra-long-distance intelligent scraper conveyor equipment[137] Environmental and Safety Initiatives - The company is committed to advancing green and low-carbon development, participating in carbon peak and carbon neutrality actions[109] - The company is focusing on green development in the coal chemical sector, enhancing pollution control capabilities and achieving compliance with environmental standards[111] - The company conducted regular ecological and environmental risk assessments, focusing on wastewater, waste gas, and solid waste management[151] Corporate Governance - The company plans to strengthen investor communication and improve corporate governance to maintain a positive image in the capital market[12][15] - The company has established a performance incentive structure that includes deferred performance bonuses and tenure incentives[154] - The company emphasizes compliance and risk management, with board members experienced in legal and regulatory affairs[161] Employee Management - The total number of employees in the group is 46,452, with male employees accounting for 84.54% (39,272) and female employees 15.46% (7,180)[167] - The group conducted training for approximately 89,000 personnel throughout the year to enhance overall employee quality[173] - The company has implemented a salary strategy based on position value and aims to enhance efficiency and value creation[172] Capital Expenditure and Investments - The total capital expenditure plan for 2024 is 16.009 billion yuan, with an actual completion of 15.294 billion yuan, achieving 95.53% of the annual plan[118] - The total capital expenditure plan for 2025 is set at 21.678 billion yuan, an increase of 41.74% compared to 2024[126] - The company completed 283 million yuan in external equity investments in 2024, acquiring a 4.16% stake in Yihua Mining, raising its total ownership to 55.16%[125]

Group 1: Core Views - The coal price is expected to find a reasonable bottom support at 640-650 RMB/ton, with the industry unlikely to return to 2015 levels [1] - The coal sector is anticipated to see an upward turning point in April 2025, with prices expected to rebound in June due to summer peak demand [2] - The focus on dividend assets is expected to increase due to intensified market volatility from trade frictions [1] Group 2: Thermal Coal Insights - The coal industry has released sufficient risk, and upward potential is expected after April 2025, with the northern Huanghua Port Q5500 price stable at 675 RMB/ton [2] - Domestic production in Xinjiang has decreased, and coal transportation has shown a decline, while overseas imports are expected to decrease starting March [2] - Non-electric coal demand is projected to accelerate in April, potentially driving coal prices back up [2] Group 3: Coking Coal Analysis - The bottom for coking coal prices is expected to be established alongside thermal coal prices, with the main coking coal price at 1380 RMB/ton remaining stable [3] - The introduction of a market-oriented index by the Mongolian Exchange aims to boost exports, although supply and demand for coking coal remain under pressure [3] - The first round of price increases for coke has begun, but the rebound potential is limited [3] Group 4: Industry Review - As of April 12, 2025, the main coking coal price at Jing Tang Port is 1380 RMB/ton, with a total inventory of 339.9 million tons across three ports [4] - The Australian Newcastle Port Q5500 offshore price increased by 1 USD/ton, while the northern port's price is 650 RMB/ton higher than Australian imports [4] - The cost of Australian coking coal has risen by 5 USD/ton, with domestic coking coal being cheaper than imported hard coking coal by 213 RMB/ton [4]