中国中煤能源股份有限公司 关于会计师事务所 2024 年度履职情况的评估报告 中国中煤能源股份有限公司 2024 年度境内审计师安永华明 会计师事务所（特殊普通合伙）和国际核数师安永会计师事务所 （统称"安永"）已按计划完成 2024 年度各项审计工作。根据财 政部、国务院国资委及中国证监会颁布的《国有企业、上市公司 选聘会计师事务所管理办法》（财会〔2023〕4 号），公司对安永 2024 年度审计过程中的履职情况进行评估。经评估，公司认为， 安永在资质条件、执业记录等方面合规有效，履职保持独立性， 勤勉尽责，公允表达意见，具体情况如下： 一、资质条件 安永华明会计师事务所（特殊普通合伙）（简称"安永华明"） 于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中 外合作的有限责任制事务所转制为特殊普通合伙制事务所。安永 华明总部设在北京，注册地址为北京市东城区东长安街 1 号东方 广场安永大楼 17 层 01-12 室。 截至 2024 年末拥有合伙人 251 人，首席合伙人为毛鞍宁先 生。安永华明拥有财政部颁发的会计师事务所执业资格，于美国 公共公司会计监督委员会（US PCAOB） ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-007 中国中煤能源股份有限公司 第五届监事会 2025 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 中国中煤能源股份有限公司第五届监事会 2025 年第一次会议通知于 2025 年 3 月 7 日以书面方式送达，会议于 2025 年 3 月 21 日以现场表决方式召开。会议 应到监事 3 人，实际出席监事 3 人，公司首席财务官、董事会秘书等有关人员列 席了会议，公司监事王文章为本次会议主持人。本次会议的召开程序及出席监事 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、 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 2024 年年度报告>的议案》 赞成票：3 票， 反对票：0 票， 弃权票：0 票。 ...

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 2025 年第一次会议通知于 2025 年 3 月 7 日以书面方式送达，会议于 2025 年 3 月 21 日以现场表决方式召开。会议 应到董事 7 名，实际出席董事 4 名，执行董事廖华军、非执行董事徐倩、独立非 执行董事詹艳景分别委托董事长王树东、执行董事赵荣哲、独立非执行董事景奉 儒代为出席并行使表决权，公司监事、高级管理人员等有关人员列席了会议，公 司董事长王树东为本次会议主持人。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。 证券代码：601898 证券简称：中煤能源 公告编号：2025-006 中国中煤能源股份有限公司 第五届董事会 2025 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： 二、 董事会会议审议情况 经与会董事一致 ...

Dividends and Shareholder Returns - The company distributed a mid-term dividend of CNY 2,936,337,600 and a special return dividend of CNY 1,500,000,000 for 2024[6]. - The board proposed a cash dividend of CNY 3,418,258,200, which is CNY 0.258 per share (including tax), based on a total issued share capital of 13,258,663,400 shares[6]. - The company aims to enhance its investment value and share development results with investors[6]. - The company implemented a total dividend of CNY 10.3 billion for 2023 and 2024, enhancing shareholder returns[35]. - The company plans to implement a mid-term cash dividend scheme in 2024, distributing no less than 30% of the net profit attributable to shareholders in the first half of 2024[181]. - The board of directors approved a dividend payout of 2.5 billion CNY, reflecting a commitment to returning value to shareholders[200]. Financial Performance - The company's net profit attributable to shareholders for 2024 is CNY 18,155,988,000, with a proposed distribution of 35% of this profit[6]. - The company's operating revenue for 2024 was CNY 189,398,754, a decrease of 1.9% compared to CNY 192,968,833 in 2023[24]. - The net profit attributable to shareholders for 2024 was CNY 19,322,936, down 1.1% from CNY 19,534,049 in 2023[24]. - The total profit for 2024 was 31.580 billion RMB, a decline of 1.469 billion RMB or 4.4% year-on-year[72]. - The company's cash flow from operating activities was 34.140 billion RMB, a decrease of 8.825 billion RMB or 20.5% compared to 2023[72]. - The company's total operating revenue for the year was 189.40 billion RMB, a decrease of 1.9% compared to the previous year[105]. - The company's net profit for 2024 was 24.954 billion RMB, down 0.795 billion RMB or 3.1% from the previous year[72]. - The company's research and development expenses decreased by 1.15 billion RMB or 12.6%, totaling 0.801 billion RMB in 2024[72]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations, product price volatility, safety production, environmental protection, project investment, and rising costs[10]. - The company acknowledges the risks posed by macroeconomic fluctuations and plans to strengthen management and reform efforts to mitigate these risks[155]. - The company anticipates significant price volatility in the coal market due to increased production capacity, imports, and changes in consumption structure[156]. - The company will continue to improve its safety management system to mitigate risks associated with coal mining and chemical production[158]. Operational Efficiency and Production - The company's self-produced coal output reached 137.57 million tons, an increase of 3.35 million tons or 2.5% year-on-year, while self-produced coal sales rose to 137.63 million tons, up 3.72 million tons or 2.8% year-on-year[36]. - The company reduced the unit sales cost of self-produced coal by CNY 25 per ton, resulting in an additional profit of CNY 3.5 billion[37]. - The company achieved a record coal production of 137.57 million tons in 2024, an increase of 2.5% from 2023's 134.22 million tons[49]. - The company's coal production efficiency remained industry-leading at 34.6 tons per worker in 2024[49]. - The company aims to enhance production efficiency and reduce costs through the adoption of new technologies and optimization of work layouts[161]. Market Expansion and Strategic Initiatives - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[34]. - The company is actively expanding its international market presence, particularly in the "Belt and Road" initiative, with new international orders increasing year-on-year[61]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[200]. - The company plans to enhance its core competitiveness by integrating coal, electricity, and coal chemical industries with renewable energy[68]. Governance and Compliance - The company confirmed no non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures for providing guarantees to external parties[9]. - The company aims to improve its governance and information disclosure quality, enhancing investor communication and maintaining a positive image in the capital market[41]. - The company has implemented measures to ensure compliance with laws and regulations, maintaining a transparent governance structure[179]. Research and Development - The company has 2,213 R&D personnel, accounting for 5% of the total workforce, with a focus on enhancing technological innovation capabilities[110]. - The company reported a significant increase in capital investment in coal chemical projects, with an 88.63% rise compared to the previous year[162]. - The company has allocated 1 billion CNY for research and development in the upcoming year to drive innovation and improve operational efficiency[197]. - The company established a national key research and development program focusing on disruptive technology innovation in the energy and "dual carbon" fields[114]. Environmental and Safety Initiatives - The company is committed to achieving a "zero death" safety goal and will strengthen risk management and safety culture to support high-quality development[153]. - The company is committed to enhancing its environmental protection efforts in response to increasing regulatory scrutiny and aims to achieve carbon neutrality goals[159]. - The management emphasized the importance of sustainability, aiming to reduce carbon emissions by 20% over the next five years through new technologies[198].

（一）利润分配方案的具体内容 证券代码：601898 证券简称：中煤能源 公告编号：2025-008 中国中煤能源股份有限公司 2024 年年度利润分配方案公告 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： 一、 利润分配方案内容 本公司按照中国企业会计准则和国际财务报告准则编制的 2024 年度合并财 务报表分别经安永华明会计师事务所（特殊普通合伙）、安永会计师事务所审计。 2024 年度，中国企业会计准则下归属于本公司股东的净利润为人民币 193.23 亿 元，基本每股收益为人民币 1.46 元/股；国际财务报告准则下本公司股东应占利 润为人民币 181.56 亿元，基本每股盈利为人民币 1.37 元/股。截至报告期末，中 国企业会计准则下本公司可供股东分配利润为人民币 350.07 亿元（母公司报表）。 经公司第五届董事会 2025 年第一次会议决议，公司 2024 年度拟以实施权益 分派股权登记日登记的总股本为基数，向全体股东每股派发现金红利人民币 1 本公告全文已于本公告日刊登于上海证券交易所网站、 ...

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

行业周报 | 煤炭 证券研究报告 推荐（维持） 报告日期 2025 03 16 相关研究 2025.3.2- 2025.3.8 -2025.03.09 2025 - 2025.03.05 2025.2.23- 2025.3.1 -2025.03.02 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 分析师：李冉冉 S0190525010002 liranran@xyzq.com.cn 煤炭行业周报（2025.3.9-2025.3.15）—— 产地煤价回升，静待非电需求复苏 投资要点： 3 9 2742.0 880.3/1211.4/650.3 -1.9/+6.8/-5.0 ⚫ 3 14 1400 / 20 / 1430 / 5# 870 / 5# 1050 / 5 / 3 14 1241 / 43 / 1371 / 21 / 130 / 22 / ⚫ 请阅读最后评级说明和重要声明 1/14 ⚫ ⚫ | | 4 | | --- | --- | | | 4 | | | 8 | | | 9 | | | 10 | | 11 | | | 2025.3.10-2025.3.14 | ...

行业研究 2025.03.15 煤 炭 行 业 周 报 煤炭红利属性再度验证，把握本次布局期窗口 方 正 证 券 研 究 所 证 券 研 究 报 告 | 分析师 | | --- | 金宁 登记编号：S1220524110004 联系人 韩笑 行业评级 : 推 荐 | 行 | 业 | 信 | 息 | | | | --- | --- | --- | --- | --- | --- | | 上市公司总家数 | | | | | 49 | | 总股本(亿股) | | | | 1,808.60 | | | 销售收入(亿元) | | | | 23,049.44 | | | 利润总额(亿元) | | | | 3,290.46 | | | 行业平均 PE | | | | 797.83 | | | 平均股价(元) | | | | 8.29 | | 行 业 相 对 指 数 表 现 -19% -11% -3% 5% 13% 21% 24/3/15 24/5/27 24/8/8 24/10/20 25/1/1 25/3/15 煤炭 沪深300 数据来源：wind 方正证券研究所 相关研究 《煤价止跌企稳，高红利低位布局期再临》 202 ...

中国中煤能源股份有限公司 此外，因受到诸多因素的影响，包括（但不限于）国家宏观政策调整、国内 外市场环境变化、恶劣天气及灾害、设备检修维护、安全检查和煤矿地质条件变 化等，所公告生产经营数据在月度之间可能存在较大差异。 证券代码：601898 证券简称：中煤能源 公告编号：2025-003 2025 年 2 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（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 2 | 累计 | 月份 2 | 累计 | 月份 2 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,024 | 2,172 | 1,042 | 2,190 | -1.7 | -0.8 | | （二）商品煤销量 | 万吨 | 1,747 | 3,938 | 1,828 | 3,990 | ...

关于会计师事务所变更项目质量控制复核人的公告 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。 中国中煤能源股份有限公司于 2024 年 4 月 24 日、2024 年 6 月 28 日分别召 开第五届董事会 2024 年第二次会议、2023 年度股东周年大会，审议通过了《关 于聘任公司 2024 年中期财务报告审阅和年度财务报告审计会计师事务所的议案》， 同意聘任安永华明会计师事务所（特殊普通合伙）（简称"安永华明"）为公司 2024 年度中国企业会计准则的中期财务报告审阅、年度财务报告审计的审计师，具体 内容详见公司于 2024 年 4 月 24 日披露的《中国中煤能源股份有限公司关于续聘 会计师事务所的公告》（公告编号：2024-014）。 证券代码：601898 证券简称：中煤能源 公告编号：2025-004 2025 年 3 月 13 日，公司收到安永华明出具的《关于变更中国中煤能源股份 有限公司 2024 年度项目质量控制复核人的函》，具体情况如下： 中国中煤能源股份有限公司 1 管理机构的监督管理措施或证券交易所、 ...