证券代码：601898 证券简称：中煤能源 公告编号：2025-010 中国中煤能源股份有限公司 关于控股股东首次增持公司股份暨 增持计划进展的公告 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： 一、 增持主体 （一）增持主体：中国中煤，为公司控股股东。 （二）本次增持计划公告前增持主体已持有股份的数量、占公司总股本的比 例：在本次增持计划公告前，中国中煤直接持有公司 7,611,207,908 股 A 股股份， 通过全资子公司中煤能源香港有限公司持有公司 132,351,000 股 H 股股份，合计 约占公司已发行总股本的 58.40%。 二、 增持计划的主要内容 基于对公司未来发展前景的信心和对资本市场长期投资价值的认可，为提振 投资者信心，支持公司持续、健康、稳定发展，维护资本市场和公司股价稳定， 中国中煤决定实施本次增持计划。本次增持计划的具体内容详见公司于 2025 年 4 月 8 日披露的《中国中煤能源股份有限公司关于控股股东增持公司股份计划的公 1 增持计划基本情况：中国中煤能源股份有限公司于 ...

关于控股股东增持公司股份计划的公告 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： 一、 增持主体 证券代码：601898 证券简称：中煤能源 公告编号：2025-009 中国中煤能源股份有限公司 （四）本次拟增持股份的价格：本次增持不设定价格区间，中国中煤将基于 对公司股票价值的合理判断，根据公司股票价格波动情况及资本市场整体趋势， 择机逐步实施。 （一）增持主体：中国中煤，为公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公告披露 日，中国中煤直接持有公司 7,611,207,908 股 A 股股份，通过全资子公司中煤能 源香港有限公司持有公司 132,351,000 股 H 股股份，合计约占公司已发行总股本 的 58.40%。 （三）增持主体在本次公告前十二个月内未披露增持计划。 二、 本次增持计划的主要内容 （一）本次拟增持股份的目的：基于对公司价值的认可和对未来持续稳定发 展的信心，为提升投资者信心，支持公司持续、健康、稳定发展，维护资本市场 和公司股价稳定，中国中煤拟实施本 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes the importance of coal as a defensive asset amid unexpected U.S. tariffs, highlighting the need for a balanced approach in coal investments [1][4] - The coal market is currently in a bottoming phase, with potential for price stabilization and rebound supported by various factors including long-term contract price ceilings and self-rescue actions by coal companies [3][4] - The report suggests that the coal sector is entering a new phase of investment opportunities, driven by macroeconomic policies and capital market support [4][12] Summary by Sections Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and external pressures from U.S. tariff policies, with insurance funds starting new allocations in coal [4][12] - The cyclical elasticity of coal stocks is expected to improve as supply-demand fundamentals continue to enhance, particularly after the March Two Sessions and the arrival of the spring construction season [4][12] Key Market Indicators - The coal sector saw a slight increase of 0.6%, outperforming the CSI 300 index by 1.97 percentage points [7][9] - The current PE ratio for the coal sector is 10.6, and the PB ratio is 1.22, indicating relatively low valuations compared to other sectors [9][12] Coal Price Trends - Port coal prices have stabilized, with CCTD Q5500 coal priced at 676 CNY/ton, remaining unchanged week-on-week [3][15] - The inventory at ports has decreased, with the total inventory in the Bohai Rim area at 30.271 million tons, down 3.08% from the previous week [3][15] Supply and Demand Dynamics - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia remains steady at 82.1% [3][15] - Daily coal consumption by coastal power plants has decreased to 1.844 million tons, a drop of 3.96% [3][15] Company Performance and Recommendations - Selected coal stocks are expected to benefit from the current market conditions, with recommendations for companies such as China Shenhua, Shaanxi Coal, and China Coal Energy based on their dividend potential [4][12][13] - The report highlights the importance of capital inflows from industry players, indicating a recognition of the current value bottom in the coal sector [4][12]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price at ports has stabilized, and the investment value of leading coal companies is emphasized [2][4] - The supply constraints in the coal mining industry remain unchanged, while demand may fluctuate, leading to price dynamics and rebalancing [7][74] - The report highlights the strong cash flow and high asset quality of leading coal companies, characterized by high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [7][74] Summary by Sections 1. Thermal Coal - Port inventory continues to decrease, and port prices have stabilized [10][13] - The production side shows stable supply, with a slight decrease in capacity utilization in the main production areas [13][21] - Demand has improved, with increased daily consumption in coastal and inland power plants [13][24] - The average daily coal input at ports has decreased, leading to a reduction in northern port inventories [29][33] 2. Coking Coal - Production continues to contract, with a decrease in capacity utilization due to previous production issues [39][73] - Demand has improved, with rising daily iron output and reduced inventory at coking enterprises [39][73] - The overall supply-demand situation for coking coal has improved, with a decrease in production enterprise inventory [39][73] 3. Coke - The market anticipates price increases for coke after the Qingming Festival, with rising production rates in coking plants [52][73] - The average profit per ton of coke has decreased, indicating a challenging profitability environment [54][73] 4. Anthracite - The price of anthracite remains stable, with high operating rates in major production areas [68][74] 5. Key Companies and Profit Forecasts - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, among others, with strong investment recommendations [8][75] - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating their investment potential [8][75]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 189.39 billion yuan for 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 19.32 billion yuan, down 1.08% year-on-year. The earnings per share (EPS) was 1.46 yuan. The fourth quarter saw a revenue increase of 33.26% year-on-year [6] - The company plans to distribute a cash dividend of 5.92 yuan per 10 shares, resulting in a total dividend payout of 7.855 billion yuan, with a dividend payout ratio of approximately 40.65% [6] - The company has seen an increase in self-produced coal sales, with a total production of 138 million tons, a 2.5% increase year-on-year, while the average selling price of coal decreased by 1.2% to 564 yuan per ton [6] - The company is advancing its "coal-electricity-chemical-new" integrated industrial chain, with several projects under construction and in operation [6] - Due to falling coal prices, the profit forecasts for 2025 and 2026 have been revised down to 17.51 billion yuan and 17.78 billion yuan, respectively, with a new forecast for 2027 at 18.67 billion yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 186.30 billion yuan, with a year-on-year decrease of 1.6% [5] - Net profit forecast for 2025 is 17.51 billion yuan, reflecting a year-on-year decrease of 9.4% [5] - The company's return on equity (ROE) is projected to decline from 12.7% in 2024 to 11.3% in 2025 [5] - The price-to-earnings (PE) ratio for 2025 is estimated at 8, compared to an average PE of 11 for comparable companies [6]

Summary of Coal Industry Conference Call Industry Overview - The coal industry is experiencing significant pressure in Q1 2025 due to a sharp decline in spot prices, impacting profitability across most companies [3][4][10] - The average price of thermal coal at Qinhuangdao Port fell to 722 RMB, a year-on-year decrease of nearly 20% and a quarter-on-quarter decline of about 12% [3][4] - Coking coal prices at Jintang Port averaged 1,443 RMB, reflecting a year-on-year drop of 40% and a quarter-on-quarter decrease of approximately 15% [3][4] Key Points - The decline in coal prices was unexpected, with long-term contract prices remaining relatively stable, showing only a 2.6% year-on-year decrease [4][5] - New Hope Energy outperformed due to increased calorific value, power generation growth, and electricity price compensation, while leading coking coal companies like Shanxi Coking Coal and Pingmei faced negative impacts from falling spot prices [4][6] - National raw coal monthly average production increased by 4% year-on-year but decreased by 10% quarter-on-quarter, with Shanxi showing significant growth while production in Shaanxi and Inner Mongolia declined [4][7] Company Performance - Major companies like Shaanxi Coal, China Shenhua, Yanzhou Coal, and China Coal are expected to see a year-on-year decline in Q1 performance, but overall stability is anticipated [4][8] - Yanzhou Coal is projected to have a growth potential for the year, benefiting from internal growth, increased production in the Shaanxi region, and new mines coming online [4][9] - New Hope Energy is expected to report Q1 earnings of 5.5 to 6.5 billion RMB, maintaining stable performance despite the challenging environment [11] Market Outlook - In the short term, coal prices may bottom out in Q2, but the rate of decline is expected to slow, with the market becoming more sensitive to positive news [4][12] - The coal sector may achieve excess returns due to marginal improvements in supply and demand, risk release from Q1 reports, and upcoming stock registration dates [4][12] - Long-term investment in the coal sector remains attractive, with stable dividend yields from leading companies and a focus on growth potential in companies like Electric Power Investment and New Hope Energy [13] Coking Coal Sector - The coking coal sector shows signs of short-term improvement, with potential for price rebounds due to faster recovery in iron and steel production [14] - Recommendations include prioritizing Huabei Mining for its better safety margins and lower valuations, while Pingmei is suggested for its dividend potential and cost reduction efforts in 2025 [14]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a stable performance and increasing dividend payout ratio [2][82]. Core Insights - The company is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission (SASAC), with a leading position in coal resources [6][11]. - The company has a diversified business model covering the entire coal industry chain, including coal mining, coal chemical production, and financial services, establishing a "coal-electricity-chemical-new" circular economy system [10][81]. - The company has significant coal reserves, with a total coal resource of 26.52 billion tons and a recoverable reserve of 13.82 billion tons, ranking among the top coal companies in China [6][81]. - The company has seen a steady increase in coal production and sales, with a total capacity increase of 22.1 million tons from 2020 to 2024 [6][81]. - The company has a high proportion of long-term contracts, which effectively mitigates the impact of falling coal prices [6][82]. - The company is actively expanding its coal chemical business, which provides cost advantages and helps stabilize its coal business against cyclical fluctuations [6][82]. Summary by Sections Company Overview - The company is a major state-owned enterprise in the coal industry, with a strong focus on clean and efficient coal utilization and the development of new energy [10][81]. - The company has a robust financial management strategy, with a debt-to-asset ratio of 46.3% in 2024, indicating sound financial health [21]. Coal Industry - The coal market is expected to experience tight supply and demand balance, with high inventory levels leading to potential price fluctuations in the short term [25][59]. - Domestic coal production is projected to grow slightly, with a total output of approximately 4.8 billion tons in 2025 [29]. Company Coal Business - The company has a leading position in coal resource reserves, with 21 operating mines and a total approved capacity of 16.3 million tons per year [63][81]. - The company has successfully reduced its coal production costs, with an average cost of 425.1 yuan per ton in 2024, down 0.8% year-on-year [71][82]. Company Coal Chemical Business - The company has a well-integrated coal chemical business, producing methanol, polyolefins, and urea, with a total production capacity of 5.69 million tons in 2024 [76][77]. - The company is planning new projects to enhance its coal chemical production capacity, which is expected to contribute to future growth [77][78]. Investment Recommendations - The company is expected to achieve a net profit of 17.746 billion yuan in 2025 and 19.143 billion yuan in 2026, with corresponding PE ratios of 7.56 and 7.01 [82].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

Core Viewpoint - Company reports a slight decline in revenue and net profit for 2024, but shows strong performance in Q4 with a significant year-on-year increase in net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 189.4 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 19.3 billion yuan, down 1.1% [1] - The company reported a net profit of 4.7 billion yuan in Q4 2024, reflecting a year-on-year increase of 65% [1] Group 2: Coal Production and Sales - The company produced 138 million tons of commercial coal in 2024, a year-on-year increase of 2.5%, with sales volume remaining stable at 285 million tons [2] - The average selling price of coal (excluding tax) was 564 yuan per ton, a decrease of 1.2% year-on-year, while the self-produced coal price was 562 yuan per ton, down 6.7% [2] - The company achieved coal revenue of 160.7 billion yuan, a decrease of 1.2% year-on-year, with a gross profit of 39.6 billion yuan, down 2.2% [2] Group 3: Coal Chemical Business - The company reported olefin sales of 1.52 million tons in 2024, up 2.6%, with an average price of 6,991 yuan per ton, an increase of 1.2% [3] - Urea sales decreased by 4.9% to 2.04 million tons, with an average price of 2,047 yuan per ton, down 15.5% [3] - The total revenue from coal chemical business was 20.5 billion yuan, a year-on-year decrease of 4.1%, with a gross profit of 3.1 billion yuan, down 5.6% [3] Group 4: New Capacity and Projects - The company is advancing new coal, electricity, and renewable energy projects, including a coal mine with an annual capacity of 20 million tons and a coal chemical project with an annual capacity of 900,000 tons [4] - The company has a dividend payout ratio of approximately 32%, with a total dividend of 0.48 yuan per share, corresponding to a dividend yield of 4.6% [4] - Revenue projections for 2025-2027 are estimated at 182.9 billion, 183.1 billion, and 183.7 billion yuan, with net profits of 17.29 billion, 18.70 billion, and 18.72 billion yuan respectively [4]