证券代码:601918 证券简称:新集能源 编号:2025-038 中煤新集能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 一、说明会类型 1 重要内容提示： ● 会议召开时间：2025 年 08 月 26 日（星期二）09:00-10:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2025 年 08 月 19 日（星期二）至 08 月 25 日（星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 xjnyir@chinacoal.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中煤新集能源股份有限公司（以下简称"公司"）将于 2025 年 08 月 23 日发布公司 2025 年半年度报告。为便于广大投资者更全面深 入地了解公司 2025 年半年度的经营成果及财务状况，公司计 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [6]. Core Views - The report suggests that coal prices are likely to end the year at their highest point due to increased regulatory checks on production, resilient demand, and potential capacity increases disrupting market expectations [4][11]. Summary by Sections Market Review - The CITIC Coal Index was at 3,523.37 points, down 0.77%, underperforming the CSI 300 Index by 3.14 percentage points, ranking 27th among CITIC sectors [3][83]. Production and Supply - In July, the average daily output of raw coal in China hit a new low since July 2023, marking the first year-on-year decline since May 2024 [2]. - The report highlights that the National Energy Administration's recent measures to check overproduction are crucial for stabilizing coal prices, indicating long-term supply risks [2][3]. Price Trends - Coal prices saw a significant rebound after hitting a low of 618 CNY/ton in mid-June, driven by seasonal demand and regulatory news [3]. - As of August 15, the price of thermal coal at North Port was reported at 696 CNY/ton, reflecting a week-on-week increase of 15 CNY/ton [9][39]. Demand Dynamics - The report notes that while downstream demand remains stable, the enthusiasm for purchasing coal has diminished due to rising prices, leading to a cautious approach from coal mines [9][40]. - The report emphasizes that the overall demand from downstream industries, including metallurgy and chemicals, remains stable despite fluctuations in coal prices [18]. Strategic Recommendations - The report recommends focusing on companies with strong earnings potential, such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, highlighting their resilience in the current market [12]. - It also suggests monitoring the impact of regulatory measures on production and the potential for increased imports of coal [11][12]. Inventory and Stock Levels - The report indicates that coal inventories at ports have been declining, with a total of 2,364 million tons reported as of August 15, down 102 million tons week-on-week [22]. - The report also notes that the overall inventory levels in the coal market remain low, which supports price stability [47].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a slow recovery in supply due to the impact of overproduction checks, with strong fundamentals in the coal market continuing [1][8] - The report highlights that the port coal prices have increased by 16 CNY/ton week-on-week, with prices in Shanxi and Inner Mongolia also rising [4][14] - The overall production recovery is cautious due to policies and maintenance issues, leading to tight supply conditions [4][14] Summary by Sections 1. Thermal Coal - Supply recovery remains limited, with port inventories decreasing and prices rising [14] - As of August 15, the Qinhuangdao port price for thermal coal reached 698 CNY/ton, up 16 CNY/ton week-on-week [15] - The production capacity utilization in the Sanxi region slightly increased by 0.13 percentage points [20] 2. Coking Coal - The production capacity utilization for coking coal decreased by 0.62 percentage points due to safety and overproduction checks [39] - The average customs clearance at Ganqimaodu port was 1,081 trucks, down 69 trucks week-on-week [43] - Coking coal prices at the port remained stable at 1,610 CNY/ton as of August 15 [40] 3. Coke - The demand for coke remains strong, with inventory levels at a yearly low [49] - The average profit per ton of coke increased to approximately 20 CNY/ton, up 36 CNY/ton week-on-week [53] - The production rate of independent coking plants was 74.15%, with a slight increase [56] 4. Anthracite - Anthracite prices remained stable, with the price for small blocks at 900 CNY/ton as of August 15 [69] - The demand from downstream power plants is stable, providing support for the market [69] 5. Key Companies and Investment Logic - The report emphasizes the investment value of leading coal companies, highlighting their strong cash flow and profitability [8] - Recommended stocks include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others [9]

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [2][34]. Core Insights - The coal prices are expected to rise due to tight supply conditions and recovering demand during the peak summer season. The report highlights that the average daily output of coal from the four ports in the Bohai Rim has increased, while the inventory levels have decreased, indicating a tightening supply [2][17]. - The report emphasizes the stability in thermal coal prices, with specific price increases noted for various grades of coal. For instance, the price for Q4500 thermal coal at Qinhuangdao port rose to 559 CNY/ton, reflecting a week-on-week increase [2][8]. - The report identifies key companies for investment, recommending stable, high-dividend stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as undervalued stocks like Shanxi Coking Coal and Lu'an Environmental Energy [2][29]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report discusses the successful trial operation of a major acetic acid production project in Xinjiang, which is expected to enhance the local coal chemical industry [7]. - It also mentions ongoing safety inspections in coal mines across various regions to ensure compliance with safety standards [7]. 2. Domestic Thermal Coal Prices - As of August 15, thermal coal prices have shown an upward trend, with specific increases noted in various regions. For example, the price for 5500 kcal weakly caking coal in Datong increased by 15 CNY/ton [8][11]. 3. International Oil Prices - Brent crude oil prices have decreased, with a reported price of 65.85 USD/barrel as of August 15, reflecting a decline of 1.11% [14]. 4. Bohai Rim Port Inventory - The report notes a decrease in coal inventory at Bohai Rim ports, with a total inventory of 23.635 million tons as of August 15, down 4.15% from the previous week [17][22]. 5. Domestic Coastal Freight Rates - Domestic coastal freight rates have increased, with an average rate of 39.24 CNY/ton reported as of August 15, marking a rise of 6.78% [24]. 6. Key Company Valuation Table - The report includes a valuation table for key companies in the coal sector, providing insights into their stock prices and market capitalizations as of August 15 [29].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are expected to surpass 700 yuan, aiming for 750 yuan, with a stable coal layout [4][13] - The current thermal coal price has rebounded to 698 yuan per ton as of August 15, 2025, up 14.61% from the lowest price of 609 yuan earlier this year [4][5] - The report highlights that the fundamentals for thermal coal remain positive, with supply constraints and high demand during the summer season [4][5] Summary by Relevant Sections Thermal Coal Market - As of August 15, 2025, the Qinhuangdao Q5500 thermal coal price is 698 yuan per ton, with a year-to-date increase of 14.61% [4] - The operating rate of coal mines in the main production areas (Shanxi, Shaanxi, Inner Mongolia) is at 80.8%, which is relatively low for the year [4] - Port inventories have decreased to 23.635 million tons, down 28.73% from the highest inventory of 33.163 million tons earlier this year [4] Coking Coal Market - As of August 15, 2025, the price of main coking coal at Jingtang Port is 1610 yuan per ton, rebounding from a low of 1230 yuan in early July, representing a cumulative increase of 71.07% [4][5] - The report notes that the coking coal market is characterized by strong expectations but weak realities, with supply tightening due to regulatory measures [4][5] Investment Logic - The report suggests that both thermal and coking coal prices have reached a turning point, with thermal coal expected to recover to long-term contract prices [5][13] - The first target price for thermal coal is around 670 yuan, with expectations to reach 700 yuan and potentially 750 yuan in the future [5][13] - Coking coal prices are determined more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main lines for investment in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Shenhua Energy and Electric Power Investment 4. Growth logic: New集 Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry has seen an unexpected improvement in fundamentals as of July 2025, with significant changes in production and demand dynamics [2][7] - The report highlights a notable decline in coal production and imports in July, alongside a significant increase in thermal power demand due to high temperatures [11][30] - The overall supply of coal has contracted, while demand from key sectors such as electricity generation has shown signs of recovery [12][50] Summary by Sections Recent Trends - The coal mining sector's performance over the last month shows a 6.8% increase over one month, a 3.5% increase over three months, but a 5.2% decrease over twelve months [4] Supply Dynamics - In July 2025, the production of raw coal decreased by 3.8% year-on-year, with a daily average production of 12.29 million tons, reflecting a month-on-month reduction of 1.746 million tons per day [19][21] - The report notes that coal imports in July 2025 were 35.609 million tons, down 23% year-on-year, indicating a tightening supply [9][29] Demand Dynamics - The demand for thermal power increased significantly in July, with a year-on-year growth of 4.3%, marking a 3.2 percentage point increase from June [11][30] - The report estimates that the four major industries (electricity, steel, chemicals, and construction materials) contributed to a 3.8% year-on-year increase in coal consumption in July [50] Inventory Management - By the end of July, coal inventories at production enterprises decreased by 168,000 tons to 4.096 million tons, indicating effective inventory management [51][52] Investment Recommendations - The report suggests focusing on stable companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with greater elasticity in thermal coal like Yanzhou Coal and Jinneng Holding [12][14]

Core Viewpoint - On August 13, three major state-owned enterprises in China, including China Huaneng, State Power Investment Corporation, and China Energy Group, held high-level meetings with Harbin Electric Group to discuss deepening cooperation in energy security and technological innovation. Group 1: China Huaneng and Harbin Electric Group - China Huaneng's leadership expressed gratitude for Harbin Electric Group's long-term support and highlighted the importance of their strategic partnership [4][6] - Both parties aim to enhance collaboration in clean energy generation and low-carbon transformation of coal power, contributing to the establishment of a new energy system [4][6] Group 2: State Power Investment Corporation and Harbin Electric Group - State Power Investment Corporation's leadership acknowledged Harbin Electric Group's contributions to national energy security and expressed a desire to deepen cooperation in new coal power technologies and international business development [9][7] - Harbin Electric Group aims to leverage its strengths to support State Power Investment Corporation's high-quality development [9][7] Group 3: China Energy Group and Harbin Electric Group - China Energy Group's leadership welcomed Harbin Electric Group and emphasized the need for ongoing collaboration in energy security and technological innovation [15][13] - Both companies aim to establish a regular communication mechanism to enhance cooperation in supporting national strategies and energy transition [15][13]

Core Viewpoint - The company announced the implementation of its annual profit distribution plan for 2024, which includes a cash dividend of 0.16 yuan per share, approved at the shareholders' meeting on June 26, 2025 [2][4]. Distribution Details - The cash dividend distribution is based on a total share capital of 2,590,541,800 shares, resulting in a total cash dividend payout of 414,486,688 yuan [4]. - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3]. Implementation Method - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5]. - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation Limited until the transactions are completed [5]. Taxation Information - Individual shareholders holding shares for less than one month will incur a 20% tax on dividends, while those holding for more than one month but less than one year will incur a 10% tax [9]. - For qualified foreign institutional investors (QFII), a 10% tax will be withheld, resulting in a net dividend of 0.144 yuan per share [10]. - Hong Kong investors through the Stock Connect will also receive a net dividend of 0.144 yuan per share after a 10% tax withholding [10]. Contact Information - For inquiries regarding the distribution, shareholders can contact the company's securities affairs department at 0554-8661819 [11].

证券日报网讯 8月13日晚间，新集能源发布公告称，2024年年度权益分派方案为A股每股现金红利0.16 元（含税），股权登记日为2025年8月21日，除权（息）日为2025年8月22日。 （编辑 姚尧） ...

Key Points - The company announced a cash dividend of 0.16 CNY per share, totaling 414,486,688 CNY to be distributed to shareholders [1][2][5] - The dividend distribution was approved at the annual general meeting held on June 26, 2025 [1] - The record date for the dividend is August 21, 2025, with the ex-dividend date and payment date both set for August 22, 2025 [1][2] Dividend Distribution Details - The total number of shares for the dividend calculation is 2,590,541,800 [1] - The cash dividend will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1][2] - Different tax treatments apply based on the holding period of the shares for individual shareholders, with tax rates ranging from 0% to 20% [2][4] Tax Implications - For individual shareholders holding shares for less than one month, the tax burden is 20% on the dividend income [2] - For shares held between one month and one year, the tax burden is reduced to 10% [2] - For shares held for over one year, the dividend income is exempt from personal income tax [2] Special Considerations for Foreign Investors - Qualified Foreign Institutional Investors (QFIIs) will receive a net dividend of 0.144 CNY per share after a 10% withholding tax [4] - Hong Kong investors through the Stock Connect program will also receive a net dividend of 0.144 CNY per share after the same tax rate [4] - Other institutional investors are responsible for determining their own tax obligations without withholding by the company [4][5]