Group 1: Company Performance - Horizon Robotics-W (09660.HK) reported better-than-expected performance, with projected revenues of 3.4 billion, 5.2 billion, and 6.9 billion for 2025-2027, reflecting year-on-year growth of 43%, 52%, and 34% respectively [8] - The company is currently in a growth phase with its joint venture with Volkswagen, which may impact its performance in the near term [8] - The non-GAAP net profit forecast for Horizon Robotics is projected to be -1.13 billion, -250 million, and 690 million for 2025-2027 [8] Group 2: Industry Insights - The macroeconomic report indicates that MLF rates are expected to exit the policy rate stage, with a shift in focus towards reverse repo rates and LPR for future interest rate adjustments [3] - The coal industry, represented by China Coal Energy (601898.SH), is experiencing a slight overperformance, with a focus on cost reduction and efficiency improvements [6] - The home appliance sector, represented by Anfu Technology (603031.SH), shows steady revenue growth with a 7.4% increase in total revenue for 2024, and a significant 45.2% increase in net profit [7]

Core Viewpoint - The company reported a slight decline in annual revenue and net profit for 2024, but showed significant growth in Q4, indicating a potential shift in profitability trends [3][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 189.39 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 19.32 billion yuan, down 1.1% year-on-year [3]. - For Q4 2024, the company recorded operating revenue of 48.99 billion yuan, an increase of 33.3% year-on-year, and a net profit of 4.71 billion yuan, up 65.5% year-on-year, indicating a reduction in seasonal profit characteristics [4]. Group 2: Coal Business Performance - The coal business generated revenue of 160.71 billion yuan in 2024, a decrease of 1.2%, with a gross profit of 39.63 billion yuan, down 2.2% year-on-year [5]. - The company produced 137.57 million tons of coal in 2024, an increase of 2.5%, while coal sales remained stable at 284.83 million tons [5]. - The average selling price of self-produced coal was 562 yuan per ton, down 6.6%, but the unit sales cost decreased by 8.2% to 282 yuan per ton, helping to offset the decline in sales price [5]. Group 3: Non-Coal Business and Financial Services - The non-coal business saw a slight decline in gross profit to 7.73 billion yuan, down 3.9% year-on-year, with specific declines in coal chemical and mining equipment sectors [6]. - The financial services segment, primarily through the financial company, achieved a gross profit of 1.56 billion yuan, an increase of 11.9%, contributing positively to overall performance [6]. Group 4: Dividend Policy - The company announced a profit distribution plan for 2024, with a total dividend of 0.59 yuan per share, resulting in a dividend payout ratio of 40.65% and an annual dividend yield of 5.79% based on the closing price on March 21, 2025 [7].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has a stable net profit performance and places a high emphasis on shareholder returns [1] - The coal business shows stable growth with strong cost control capabilities [2] - The company benefits from a decrease in coal prices, leading to a reduction in unit sales costs [3] - The company is committed to a stable cash dividend policy, with a total cash dividend of approximately 6.355 billion yuan for 2024, reflecting a payout ratio of about 35% [4] - Profit forecasts for 2025-2026 have been adjusted downwards due to coal price risks, with projected net profits of 17.5 billion yuan and 17.7 billion yuan respectively [4] Financial Performance Summary - In 2024, the company achieved operating revenue of 189.399 billion yuan, a decrease of 1.9% year-on-year [5] - The operating cost for 2024 was 142.278 billion yuan, down 1.6% year-on-year [5] - The attributable net profit for 2024 was 19.323 billion yuan, a decline of 1.1% year-on-year [5] - The company's cash flow from operations was 34.139 billion yuan, a decrease of 20.5% year-on-year [1] Coal Business Performance - The coal business generated operating revenue of 160.712 billion yuan in 2024, a decrease of 1.2% year-on-year [2] - The total coal production for the year reached 137.57 million tons, an increase of 2.5% year-on-year [2] - The unit sales cost for self-produced coal was 281.73 yuan per ton, down 8.2% year-on-year [2] Coal Chemical Business Performance - The coal chemical business reported operating revenue of 20.518 billion yuan in 2024, a decrease of 4.1% year-on-year [3] - The total production of coal chemical products was 5.69 million tons, a decrease of 5.7% year-on-year [3] Shareholder Returns - The company has increased the frequency of cash dividends, distributing a special dividend of 1.5 billion yuan, totaling 10.3 billion yuan for the year [4] - The company emphasizes market value management and investor communication [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has shown resilience in its financial performance despite a slight decline in revenue and profit margins, with a focus on cost reduction to offset falling coal prices [1][2]. - The non-coal business segment has demonstrated stable profitability, particularly in financial services, which has seen growth [2]. - The company plans to distribute a total dividend of RMB 0.59 per share for 2024, resulting in a dividend payout ratio of 40.65% and an annual dividend yield of 5.79% [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 189.39 billion, a decrease of 1.9% year-on-year, and a net profit attributable to shareholders of RMB 19.32 billion, down 1.1% year-on-year [1]. - The fourth quarter of 2024 saw a significant increase in net profit, with a year-on-year growth of 65.5%, indicating a reduction in seasonal profit fluctuations [1]. Coal Business - The coal business generated revenue of RMB 160.71 billion in 2024, a decline of 1.2% year-on-year, with a gross profit of RMB 39.63 billion, down 2.2% [2]. - The company produced 137.57 million tons of coal in 2024, an increase of 2.5% year-on-year, while coal sales remained stable at 28.48 million tons [2]. - The average selling price of self-produced coal was RMB 562 per ton, a decrease of 6.6%, but the unit sales cost fell by 8.2% to RMB 282 per ton, helping to mitigate the impact of lower prices [2]. Non-Coal Business - The non-coal business segment reported a gross profit of RMB 7.73 billion, a decrease of 3.9% year-on-year, with financial services showing an 11.9% increase in gross profit [2]. - The financial services sector has been pivotal in enhancing value creation and ensuring efficient capital flow [2]. Dividend and Profit Forecast - The company’s profit distribution plan includes a total dividend of RMB 0.59 per share for 2024, with a dividend payout ratio exceeding 40% [3]. - The profit forecast for 2025 and 2026 has been adjusted downward, with expected net profits of RMB 17.31 billion and RMB 18.20 billion, respectively, reflecting a cautious outlook on coal prices [3][4].

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to see a recovery in demand, with prices anticipated to rebound due to macroeconomic improvements and policy support [4][7] - The report highlights the resilience of the coal sector amidst price fluctuations and emphasizes the potential for profit recovery in the coal-coke-steel supply chain [4][7] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: As of March 21, 2025, the Qinhuangdao Q5500 thermal coal price is 671 CNY/ton, down 10 CNY/ton (-1.47%) from the previous week, while the main coking coal price at Jingtang Port remains stable at 1380 CNY/ton [4][13] - **Supply and Demand**: The report notes a slight decrease in overall supply due to some coal mines halting production, while downstream demand is expected to increase as construction activities resume [4][36] - **Inventory Analysis**: The total inventory at major ports shows a mixed trend, with southern ports decreasing by 1.04% and northern ports increasing by 0.77% [4][43] 2. Market Performance - The coal sector has outperformed the broader market, with a decline of only 0.86% compared to a 1.60% drop in the Shanghai Composite Index [4][57] 3. Recent Events - **Company Announcements**: China Shenhua reported a revenue of 338.375 billion CNY for 2024, a decrease of 1.4% year-on-year, while China Coal Energy reported a revenue of 189.399 billion CNY, down 1.9% year-on-year [4][62][63] - **Policy Developments**: The report mentions the government's initiatives to support the coal industry, including a focus on traditional industry upgrades and demand expansion [4][7]

中煤能源（601898.SH）2024 年年报点评 业绩微降，稳定性凸显 2025 年 03 月 22 日 ➢ 事件：2025 年 3 月 21 日，公司发布了 2024 年年度报告。2024 年，公司 实现营业收入 1894.0 亿元，同比下降 1.9%；归母净利润为 193.2 亿元，同比下 降 1.1%；扣非归母净利润为 191.0 亿元，同比下降 1.3%。另外，公司国际会计 准则下的归母净利润为 181.6 亿元，同比下降 10.0%，和中国会计准则下归母净 利润的差异主要在于专项储备及相关递延税调整存在 11.7 亿元。 推荐 维持评级 当前价格： 10.23 元 [Table_Author] ➢ 24Q4 归母净利润同比大增、环比微降。24Q4，公司实现营业收入 489.9 亿元，同比增长 33.3%、环比增长 3.3%；归母净利润为 47.1 亿元，同比大增 65.5%、环比下降 2.4%；扣非归母净利润为 46.8 亿元，同比大增 67.4%、环比 下降 1.9%。 ➢ 24Q4 煤炭产量环比增长，动力煤价格稳定。1）24 全年量增价减：公司商 品煤产量为 13757 万吨，同比+2.5%， ...

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2024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準則編製的 本集團截至2024年12月31日止年度的經審核年度業績如下： 1 • 2024年本集團的收入為人民幣1,893.99億元，較2023年減少人民幣35.70億 元（即-1.9%）。 • 2024年本公司股東應佔利潤為人民幣181.56億元，較2023年減少人民幣 20.28億元（即-10.0%）。 • 2024年本公司每股基本盈利為人民幣1.37元，較2023年減少人民幣0.15元。 • 2024年息稅折舊攤銷前盈利為人民幣405.85億元，較2023年減少人民幣 41.69億元（即-9.3%）。 • 董事會建議按照每股人民幣0.258元（含稅）派發2024年年度末期股息，此項 建議尚待 ...

中国中煤能源股份有限公司 内部控制审计报告 2024 年度 安永华明（2025）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"）2024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 部控制审计结果推到未来内部控制的有效性具有一定风险。 内部控制审计报告 2 A member firm of Ernst & Young Global Limit ...

中国中煤能源股份有限公司 第五届董事会独立非执行董事专门会议 2025 年第一次会议审核意见 独立非执行董事签字: 景奉儒 詹艳景 黄江天 根据《上市公司独立董事管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》以及《公司章程》等有关规定，我们作为中国 中煤能源股份有限公司的独立非执行董事，于 2025 年 3 月 21 日 召开了第五届董事会独立非执行董事专门会议 2025 年第一次会 议，审阅了会计师事务所出具的《关于中国中煤能源股份有限公 司涉及财务公司关联交易的存贷款等金融业务的专项说明》。经 审核，全体独立非执行董事一致同意《关于中国中煤能源股份有 限公司涉及财务公司关联交易的存贷款等金融业务的专项说明》， 并发表审核意见如下： 中煤财务有限责任公司 2024 年度进行的关联交易系基于公 司正常经营活动所需，遵循了公平、公正、自愿、诚信的原则， 交易定价公允、合理，不存在影响公司资金独立性、安全性的情 形，不存在被关联方占用的风险，不存在损害公司及其股东特别 是中小股东利益的情形 ...

环境、社会及管治报告 1 目录 Contents | 关于本报告 | 04 | | 01 | | 02 | | 03 | | --- | --- | --- | --- | --- | --- | --- | --- | | 董事会 ESG 声明 | 05 | | | | | | | | 董事长致辞 | 06 | 共生 | | 共享 | | 共建 | | | 走进中煤能源 | 08 | | | | | | | | 公司概况 | 08 | 致力绿色转型 | | 勇担社会责任 | | 筑就基业长青 | | | 企业文化 | 09 | | | | | | | | 组织架构 | 10 | | | | | | | | 社会认可 | 12 | 应对气候变化 | 24 | 筑牢安全屏障 | 42 | 坚持创新驱动 | 62 | | ESG 管治 | 14 | 环境合规管理 | 30 | 夯实产品责任 | 46 | 提升治理效能 | 67 | | | | 推进治污减排 | 31 | 保障能源供应 | 48 | 恪守商业道德 | 71 | | 重要性议题分析 | 14 | 节约能源资源 | 34 | 关爱员工成长 | 50 | ...