同意 5 票，反对 0 票，弃权 0 票 二、审议通过关于《公司 2024 年年度报告全文及摘要》的议案。 一、审议通过关于《公司 2024 年度监事会工作报告》的议案。 监事会认为：公司监事会严格按照《公司法》等有关法律法规 和《公司章程》《监事会议事规则》等制度的要求，认真履行和独立 行使监事会的职权。2024 年度监事会对公司经营活动、财务状况、 重大决策以及董事、高级管理人员履行职责情况等方面实施了有效 监督，较好地维护公司及股东的合法权益，促进公司的规范运作。 本议案需提交股东大会审议。 证券代码:601918 证券简称:新集能源 编号:2025-016 中煤新集能源股份有限公司 十届十三次监事会决议公告 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。 中煤新集能源股份有限公司（以下简称"公司"）十届十三次监事 会于 2025 年 3 月 10 日书面通知全体监事，会议于 2025 年 3 月 21 日在淮南市采取现场与视频相结合方式召开。会议应到监事 5 名， 实到 5 名。会议由监事会主席王峰先生主持。会议召开和 ...

证券代码:601918 证券简称:新集能源 编号:2025-015 中煤新集能源股份有限公司 十届二十二次董事会决议公告 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。 中煤新集能源股份有限公司（以下简称"公司"）十届二十二次董 事会于 2025 年 3 月 10 日书面通知全体董事，会议于 2025 年 3 月 21 日在淮南市采取现场与视频相结合方式召开。会议应到董事 8 名， 实到 8 名。会议由董事长王志根先生主持。会议召开和表决程序符 合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。与会董事对本次会议议案认真审议并以书面表决 方式通过如下决议： 一、审议通过关于《公司 2024 年度总经理工作报告》的议案。 经审议同意《公司总经理 2024 年度工作报告》。董事会认为： 2024 年，公司严格遵循"存量提效、增量转型"和"两个联营+"发展思 路，锚定年度任务，积极应对煤炭市场下行等多重挑战，守正创新、 奋发进取，形成了稳中向好、稳中有进、稳中有突破的良好发展态 势，为快速构建"三业协同" ...

证券代码:601918 证券简称:新集能源 编号:2025-017 中煤新集能源股份有限公司 关于 2024 年度利润分配预案的公告 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： ● 每股分配比例：每10股派发现金红利1.60元（含税）。 ● 本次利润分配以公司总股本2,590,541,800股为基数，具体实施 将在权益分派实施公告中明确。 ● 本年度现金分红比例低于30%，主要因为目前公司处于新发 展阶段，为加快煤电一体化建设进度，公司新建煤电和新能源项目、 煤矿改扩建和安全技改项目及偿还有息负债等对资金需求较大。 一、2024 年度利润分配预案内容 （一）利润分配方案的具体内容 截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为 人民币 5,537,665,195.52 元。经公司十届二十二次董事会决议，公司 2024 年年度拟以实施权益分派股权登记日登记的总股本为基数分配 利润。本次利润分配方案如下： 经立信会计师事务所（特殊普通合伙）审计确认，母公司 2024 年度净利润 1,0 ...

Financial Performance - The company's operating revenue for 2024 was CNY 12,727,176,117.02, a decrease of 0.92% compared to CNY 12,844,786,669.41 in 2023[20] - Net profit attributable to shareholders for 2024 was CNY 2,392,941,073.83, representing a growth of 13.44% from CNY 2,109,359,683.01 in 2023[20] - The basic earnings per share for 2024 increased to CNY 0.924, up 13.51% from CNY 0.814 in 2023[21] - The total profit for the reporting period was RMB 3.726 billion, with a state-owned capital preservation and appreciation rate of 121.15%[30] - The total profit for the period was 3.73 billion RMB, with a net profit attributable to shareholders of 2.39 billion RMB[40] - The company reported a significant increase in revenue, achieving a total of 10 billion CNY for the fiscal year 2024, representing a 15% growth compared to the previous year[104] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 11.2 billion CNY[104] Assets and Cash Flow - The total assets of the company at the end of 2024 reached CNY 44,665,923,358.32, a 23.07% increase from CNY 36,294,534,331.52 in 2023[20] - The company's net cash flow from operating activities for 2024 was CNY 3,457,872,553.63, down 8.91% from CNY 3,795,941,247.44 in 2023[20] - The company's cash flow from operating activities was 3.46 billion RMB, reflecting a decrease of 8.91% compared to the previous year[41] - The net cash flow from investing activities in 2024 was -CNY 7.007 billion, a decrease of CNY 3.969 billion year-on-year, mainly due to significant investments in new power plants[56] - The net cash flow from financing activities increased to CNY 4.200 billion, an increase of CNY 4.775 billion compared to the previous year, attributed to increased special loans for new power plants[56] Production and Sales - The company reported a total coal production of 19.0551 million tons, a year-on-year decrease of 1.62%, while coal sales reached 18.872 million tons, down 4.14% year-on-year[30] - The company's coal production capacity is 23.5 million tons per year, with five operational mines, including Liu Zhuang Coal Mine with a capacity of 11 million tons per year[35] - The company's coal production in 2024 was 1,905.51 million tons, a decrease of 31.4 million tons or 1.62% compared to the previous year[46] - The company's coal sales in 2024 were 1,887.20 million tons, down by 81.41 million tons or 4.14% year-on-year[46] - The total coal production for the year was 19,055,102 tons, with sales volume at 18,871,955 tons, generating sales revenue of CNY 10.708 billion and a gross profit of CNY 3.967 billion[62] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.60 per 10 shares, totaling CNY 414,486,688.00 for the year 2024[4] - The cash dividend represents 17.32% of the net profit attributable to ordinary shareholders of the listed company, which was 2,392,941,073.83 RMB for the most recent fiscal year[141] - Over the last three accounting years, the cumulative cash dividend amount (including tax) was 1,088,027,556 RMB, with an average annual net profit of 2,188,869,086.54 RMB, resulting in a cash dividend ratio of 49.71%[143] Market and Competition - The company anticipates intensified competition in traditional sales areas due to improved transportation conditions and increased coal production capacity in other regions[31] - The company is focusing on high-quality development in traditional coal and electricity industries while actively developing new energy sectors[30] - The company is committed to enhancing its market risk resilience by expanding coal-electricity joint operations and upgrading its industrial structure[91] Environmental and Sustainability Initiatives - The company invested 20,603.27 million RMB in environmental protection during the reporting period, demonstrating its commitment to sustainability[150] - The company is focused on clean and efficient coal development, ecological civilization construction, and ensuring environmental risk management[91] - The company has implemented advanced pollution control technologies, including low nitrogen combustion technology and selective catalytic reduction (SCR) for nitrogen oxide reduction, ensuring compliance with stringent emission standards[165] - The company achieved a significant reduction in air pollutant emissions, with dust, sulfur dioxide, and nitrogen oxides concentrations decreasing from 10/35/50 mg/m³ to 5/25/35 mg/m³ after the upgrade of the Baijic Power Plant, which involved an investment of 28 million yuan[165] Governance and Management - The total remuneration for the board members and senior management during the reporting period amounted to CNY 1,670.60 million[100] - The company has seen changes in its management team, with several members leaving and new appointments being made[100] - The company is focused on maintaining a diverse board, with both male and female representation among directors[100] - The company is committed to transparency in its remuneration practices, providing detailed disclosures in its annual report[100] Legal and Compliance Matters - The company received a warning letter from the Anhui Securities Regulatory Bureau for failing to disclose information regarding a financial risk assessment report[110] - The company is currently involved in a lawsuit with Tianjin Weichen Investment Co., with claims of ¥223,698,361.6 related to fund occupation losses and delayed delivery losses, awaiting a court decision[194] - The company has not reported any major litigation or arbitration matters for the reporting period[195] Future Outlook - The company plans to produce 18.5 million tons of commercial coal and generate 16.1 billion kWh of electricity in 2025[87] - The company is likely to explore further integration with related parties to enhance operational synergies and reduce costs[200] - The company is committed to promoting innovation and green development by increasing investment in technology and smart construction[88]

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].

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

http://roadshow.sseinfo.com）（以下简称"上证路演中心"） 证券代码:601918 证券简称:新集能源 编号:2025-014 中煤新集能源股份有限公司 关于参加中国中煤能源集团有限公司 控股上市公司 2024 年度集体业绩说明会 暨现金分红说明会的预告公告 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： ● 会议召开时间：2025 年 03 月 24 日（星期一）15:30-17:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： （三）会议召开方式：现场交流、视频直播、网络互动（中英 双语） 1.现场交流、视频直播、网络互动（中文） 上证路演中心（http://roadshow.sseinfo.com/） ● 会议召开方式：现场交流、视频直播、网络互动（中英双语） ● 提问预征集方式：投资者可于 2025 年 03 月 23 日 16:00 前， 将需要了解的情况和关注的问题以电子邮件形式发送至公司邮箱 （xjnyir@chinacoal.com）。 中煤新集能源股份有限公 ...

证券代码:601918 证券简称:新集能源 编号:2025-014 中煤新集能源股份有限公司 关于参加中国中煤能源集团有限公司 控股上市公司 2024 年度集体业绩说明会 暨现金分红说明会的预告公告 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： ● 会议召开方式：现场交流、视频直播、网络互动（中英双语） ● 提问预征集方式：投资者可于 2025 年 03 月 23 日 16:00 前， 将需要了解的情况和关注的问题以电子邮件形式发送至公司邮箱 （xjnyir@chinacoal.com）。 中煤新集能源股份有限公司（以下简称"公司"）拟于 2025 年 3 月 22 日披露公司 2024 年年度报告和公司 2024 年度利润分配预 案的公告，于 2025 年 3 月 24 日参加中国中煤能源集团有限公司控 股上市公司 2024 年度集体业绩说明会（以下简称"本次说明会"）。 一、说明会类型 1 ● 会议召开时间：2025 年 03 月 24 日（星期一）15:30-17:00 ● 会议召开地点：上海证券交易所 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2]. Core Views - Short-term stabilization of coal prices is expected, with opportunities for investment in undervalued stocks [7][10]. - The coal market is showing signs of recovery due to supply tightening and increased demand from industrial sectors [7]. - The report emphasizes the importance of value investing in leading companies within the coal sector, particularly those with integrated operations [10]. Summary by Sections 1. Core Views and Business Tracking - The report highlights the importance of dividend policies and growth prospects for key companies in the coal sector [15]. - It tracks the operational performance of listed companies, noting fluctuations in production and sales figures [17]. 2. Coal Price Tracking - Coal prices are being monitored closely, with specific attention to both domestic and international price movements [11]. - The report indicates that the average price of thermal coal at the port has seen a slight decrease, while demand has shown signs of recovery [7][10]. 3. Coal Inventory Tracking - The report provides insights into production levels and inventory status for both thermal and coking coal [11]. - It notes that the average daily production of thermal coal from sample mines is approximately 5.7 million tons, with a slight week-on-week decrease [10]. 4. Downstream Performance of the Coal Industry - The report discusses the consumption patterns of coal in downstream industries, particularly in power generation and steel production [11]. - It highlights the recovery in coal consumption as industrial operations ramp up during the "golden three silver four" period [7]. 5. Performance of the Coal Sector and Individual Stocks - The report analyzes the performance of the coal sector, noting a 0.4% increase week-on-week [11]. - It provides a detailed performance overview of key coal companies, emphasizing their earnings forecasts and market positioning [17].

煤炭开采 执业证书编号：S0740522040001 Email：duchong@zts.com.cn Email：luhao@zts.com.cn | 总股本(百万股) | 2,590.54 | | --- | --- | | 流通股本(百万股) | 2,590.54 | | 市价(元) | 6.44 | | 市值(百万元) | 16,683.09 | | 流通市值(百万元) | 16,683.09 | 相关报告 持彰显信心》2025-01-09 2、《利辛电厂二期投运，火电业务 有望持续高增》2024-11-02 3、《※【中泰煤炭】新集能源深度 报告：煤电一体盈利稳增，稀缺成长 央企标的》2024-08-14 新集能源（601918.SH） 证券研究报告/公司点评报告 2025 年 03 月 10 日 | 评级： | 买入（上调） | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2022A | 2023A | 2024E | | 2025E | 2 ...