Core Viewpoints - The coal industry is experiencing price increases due to ongoing geopolitical conflicts, with coal prices expected to remain strong in the near term [2][8][81] - The coal industry profit increased by 5% year-on-year in the first two months of 2026, indicating a positive trend in profitability [8][81] Market Dynamics - The price of thermal coal has significantly increased, with the CCI5500 thermal coal index reporting 763 RMB/ton, a week-on-week increase of 27 RMB/ton [8][14][82] - Domestic coal prices in major production areas have risen by 20-40 RMB/ton, driven by strong non-electric demand and pre-stocking needs ahead of maintenance on the Daqin railway [8][82] - The utilization rate of sample thermal coal mines increased to 91.8%, reflecting a recovery in production [23][42] Industry Perspective - The coal supply-demand balance is shifting from loose to tight, with expectations of limited production growth and increased demand from non-electric sectors [8][81] - The geopolitical situation is expected to continue influencing energy prices, with the potential for increased costs of imported coal due to new export taxes from Indonesia [8][82] - The focus on energy policies, including the 14th Five-Year Plan, emphasizes the transition to cleaner energy while ensuring energy security [8][84][85] Key Companies - Leading companies in the coal sector include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are expected to benefit from rising energy prices [8][9][84] - Companies with strong growth potential include Xinji Energy and Baofeng Energy, which are positioned to capitalize on market trends [8][9]

Investment Rating - The report maintains a "Recommended" rating for several companies in the coal industry, including 晋控煤业, 山煤国际, 潞安环能, 华阳股份, 兖矿能源, 中国神华, 陕西煤业, 中煤能源, and 中广核矿业 [3][18]. Core Insights - The coal price is expected to enter a rapid upward channel due to increased demand from coastal power plants, which saw a year-on-year increase in average daily consumption of 10.5% [1][10]. - The demand for coal is shifting from long-term contracts to spot market purchases, driven by rising gas prices and the upcoming non-electric peak season [1][10]. - The coal industry is anticipated to return to a state of basic supply-demand balance in 2023-2024, with prices for Qinhuangdao 5500 kcal coal expected to rebound to the range of 800-1000 RMB/ton [1][10]. Summary by Sections Weekly Market Review - The coal sector experienced a weekly decline of 1.2%, outperforming the broader market indices [19][22]. - The coking coal sub-sector saw the largest weekly increase of 3.0%, while the thermal coal sub-sector faced a decline of 3.2% [22]. Industry Dynamics - The report highlights a significant increase in coal consumption in the chemical sector, with a year-on-year growth rate of 12.9% [1][10]. - International coal prices are expected to rise due to increased demand from European power plants restarting coal-fired generation amid high gas prices [1][10]. - The report notes that domestic coal supply may contract due to regulatory constraints and expected reductions in Indonesian coal production [1][10]. Company Performance - Companies such as 辽宁能源 and 云煤能源 showed significant weekly gains, while 安泰集团 and 中国神华 faced notable declines [25][27]. - The report emphasizes the importance of companies with high spot market exposure and strong balance sheets, particularly in Shanxi province, which is less affected by production limits [11][18]. Investment Recommendations - The report suggests focusing on companies with high spot market flexibility, such as 晋控煤业, 山煤国际, 潞安环能, 华阳股份, and 兖矿能源 [18]. - It also recommends industry leaders like 中国神华, 陕西煤业, and 中煤能源 for their stable performance [18]. Future Outlook - The coal chemical sector is projected to maintain high growth rates in coal consumption, with significant potential demand from new projects [11]. - The report indicates that geopolitical tensions and energy security concerns will further bolster the coal industry's importance in China's energy strategy [11].

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Insights - The coal market is experiencing a multi-factor resonance leading to sustained price increases, driven by geopolitical tensions, rising oil and gas transportation costs, and a resilient demand for thermal coal [7][8]. - The report emphasizes the importance of coal as a bottom-line guarantee in the current energy landscape, suggesting that coal stocks are worth increasing positions in [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of 2,347.914 billion yuan and a circulating market value of 2,238.858 billion yuan [2]. 2. Price Tracking - Recent trends indicate that the price of thermal coal has risen, with the average price at the Qinhuangdao port reaching 766 yuan/ton, a week-on-week increase of 26 yuan/ton [8]. - The report outlines a price expectation trajectory for coal, forecasting potential increases to 800-850 yuan/ton due to various market pressures [8]. 3. Supply and Demand Dynamics - The report notes that the average daily production of thermal coal from 462 sample mines is 5.606 million tons, reflecting a week-on-week increase of 1.96% [8]. - Demand for thermal coal has also increased, with a reported daily consumption of 5.189 million tons across 25 provinces, marking a year-on-year growth of 12.19% [8]. 4. Company Performance Tracking - Key companies in the coal sector are highlighted, with specific attention to their earnings per share (EPS) and price-to-earnings (PE) ratios, indicating strong investment potential [5][13]. - The report tracks dividend policies and growth prospects for major coal companies, emphasizing their stable earnings and potential for future growth [13][14].

Group 1 - The stock of China Coal Energy has been in a volatile trading range over the past five days, underperforming both the market and the industry average [1] - The main funds have shown a net outflow, with a net proportion significantly lower than the market average, particularly on March 27 [1] - The stock has a market attention level that is considered average, with overall sentiment being neutral and a low frequency of institutional research [1] Group 2 - The fund holding ratio for China Coal Energy is at 0.44%, with 27 institutions providing earnings forecasts, resulting in a composite target price of 17.76 yuan [1] - The recent quarterly report indicates a -0.19% change in the holding ratio of actively managed equity funds, while the stock price increased by 9.51% during the same period [1] - The company is categorized as a leading player in the industry, exhibiting good profitability and growth capabilities, but average operational and debt repayment abilities [1] Group 3 - The current valuation of China Coal Energy is at a historical high, positioned at a moderate level within the industry [1] - The trailing twelve months (TTM) price-to-earnings ratio is 13.26, which is below the industry median and ranks at the 97.93 percentile over the past five years [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2025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會計準則編 製的本集團截至2025年12月31日止年度的經審核年度業績如下： 1 • 2025年本集團的收入為人民幣1,480.57億元，較2024年減少人民幣413.39 億元（即-21.8%）。 • 2025年本公司股東應佔利潤為人民幣144.97億元，較2024年減少人民幣 36.22億元（即-20.0%）。 • 2025年本公司每股基本盈利為人民幣1.09元，較2024年減少人民幣0.28元。 • 2025年息稅折舊攤銷前盈利為人民幣331.67億元，較2024年減少人民幣 73.94億元（即-18.2%）。 • 董事會建議按照每股人民幣0.217元（含稅）派發2025年年度末期股息，此項 ...

证券代码：601898 证券简称：中煤能源 公告编号：2026-010 中国中煤能源股份有限公司 第五届董事会 2026 年第二次会议决议公告 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。 经与会董事一致同意，会议形成决议如下： （一）批准《关于<公司 2025 年年度报告>的议案》 赞成票：7 票， 反对票：0 票， 弃权票：0 票。 批准《公司 2025 年年度报告》。 公司董事会审计与风险管理委员会及薪酬与考核委员会已发表了同意的审核 意见。 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 2026 年第二次会议通知于 2026 年 3 月 13 日以书面方式送达，会议于 2026 年 3 月 27 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，非执行董事徐倩委托独立非执行董事景奉儒代为 出席并行使表决权，公司高级管理人员等有关人员 ...

证券代码：601898 证券简称：中煤能源 公告编号：2026-011 中国中煤能源股份有限公司 2025 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 （一）利润分配方案的具体内容 本公司按照中国企业会计准则和国际财务报告会计准则编制的 2025 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。2025 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 178.84 亿元，基本每股收益为人民币 1.35 元/股；国际财务报告会计准则下本公 司股东应占利润为人民币 144.97 亿元，基本每股盈利为人民币 1.09 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 410.08 亿元 （母公司报表）。 经公司第五届董事会 2026 年第二次会议决议，公司 2025 年度拟以实施权益 1 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 ...

中国中煤能源股份有限公司 内部控制审计报告 2025 年度 内部控制审计报告 安永华明（2026）专字第70073531_A01号 中国中煤能源股份有限公司 中国中煤能源股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中国中煤能源股份有限公司（以下简称"贵公司"）2025年12月31日的财务报告 内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会 的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告（续） 安永华明（2026）专字第70073 ...

中国中煤能源股份有限公司 涉及财务公司关联交易的专项说明 2025 年度 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2025 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致之处。除了对中国中煤能源股份有限公司 2025 年度财务报表 出具审计报告而执行的审计程序外，我们并未对汇总表所载资料执行额外的审计程序。 为了更好地理解中国中煤能源股份有限公司 2025 年度涉及中煤财务有限责任公司 关联交易情况，汇总表应当与经审计的财务报表一并阅读。 本专项说明仅供中国中煤能源股份有限公司为 2025 年度报告披露使用，不适用于 其他用途。 A member firm of Ernst & Young Global Limited 1 涉及财务公司关联交易的专项说明 安永华明（2026）专字第70073531_A02号 中国中煤能源股份有限公司 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2025年度财务报表，包括2025年12月31 日 ...

中国中煤能源股份有限公司 已审财务报表 2025 年度 中国中煤能源股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 6 | | 已审财务报表 | | | | | 合并资产负债表 | 7 | - | 8 | | 母公司资产负债表 | | 9 | | | 合并利润表 | | 10 | | | 母公司利润表 | | 11 | | | 合并现金流量表 | | 12 | | | 母公司现金流量表 | | 13 | | | 合并所有者权益变动表 | 14 | - | 15 | | 母公司所有者权益变动表 | 16 | - | 17 | | 财务报表附注 | 18 | - | 155 | | 补充资料 | | | | | 当期非经常性损益明细表 | | 1 | | | 净资产收益率及每股收益 | | 1 | | | 境内外会计准则下会计数据差异 | | 2 | | 审计报告 安永华明（2026）审字第70073531_A01号 中国中煤能源股份有限公司 中国中煤能源股份有限公司全体股东： 一、审计意见 我们审计了中国中煤能源股份有限公司 ...