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"）十一届二次董事 会于 2025 年 8 月 11 日书面通知全体董事，会议于 2025 年 8 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。会议由董事长刘峰先生主持。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 2025 年半年度报告全文及摘要》的议 案。 证券代码:601918 证券简称:新集能源 编号:2025-039 中煤新集能源股份有限公司 十一届二次董事会决议公告 公司董事会审计与风险委员会对本议案出具了审核意见。 同意 8 票，弃权 0 票，反对 0 票 二、审议通过关于《2025 年半年度中煤财务有限责任公司的风 险持续评估报告》的议案。 为确保公司在中煤财务有限责任公司的资金安全，公司对其金 融业务、内部控制、经营资质和风险状况进行了评估 ...

Important Notes [Risk Disclaimer for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD%E3%80%81%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) The company clarifies that forward-looking statements regarding future plans and strategies do not constitute substantive commitments, and investors should be aware of investment risks - Forward-looking statements in this report regarding future plans and development strategies do not constitute substantive commitments to investors, who should be aware of investment risks[4](index=4&type=chunk) [Non-Operational Fund Occupation by Controlling Shareholders](index=2&type=section&id=%E4%B8%83%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no instances of non-operational fund occupation by its controlling shareholder or other related parties - The company confirms no non-operational fund occupation by its controlling shareholder or other related parties[5](index=5&type=chunk) [Provision of Guarantees in Violation of Decision-Making Procedures](index=2&type=section&id=%E5%85%AB%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%BF%9D%E5%8F%8D%E8%A7%84%E5%AE%9A%E5%86%B3%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%AF%B9%E5%A4%96%E6%8F%90%E4%BE%9B%E6%8B%85%E4%BF%9D%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees that violated prescribed decision-making procedures - The company did not provide any external guarantees in violation of prescribed decision-making procedures[5](index=5&type=chunk) [Inability of Over Half of Directors to Guarantee Report Accuracy](index=2&type=section&id=%E4%B9%9D%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) During the reporting period, there was no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the semi-annual report - There was no instance of more than half of the directors being unable to guarantee the truthfulness, accuracy, and completeness of the semi-annual report[5](index=5&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces risks from coal and electricity market price volatility, production safety in coal mining, and industry policy changes, which could significantly impact performance - The company's operating results are significantly affected by price fluctuation risks for its main products, such as coal and electricity, due to changes in domestic market policies and supply-demand dynamics[6](index=6&type=chunk) - Factors such as production safety in coal mining and changes in industry-related policies may also have a certain impact on the company's production and operations[6](index=6&type=chunk) [Other Matters](index=2&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E5%85%B6%E4%BB%96) The Board of Directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report and assume legal responsibility for its contents - The company's Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility for any false records, misleading statements, or major omissions[7](index=7&type=chunk) - This semi-annual report is unaudited[7](index=7&type=chunk) - The company's responsible person Liu Feng, chief accounting officer Cheng Maojiu, and head of the accounting department Fan Wei declare that they guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[7](index=7&type=chunk) Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report to ensure consistent understanding of professional terminology - In this report, unless the context otherwise requires, terms such as the Company, Xinji Company, and Xinji Energy refer to China Coal Xinji Energy Co, Ltd[15](index=15&type=chunk) Section 2 Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of China Coal Xinji Energy Co, Ltd, including its names and legal representative Company Basic Information | Item | Details | | :--- | :--- | | Chinese Name | 中煤新集能源股份有限公司 | | Chinese Abbreviation | 新集能源 | | English Name | CHINA COAL XINJI ENERGY CO,LTD | | English Abbreviation | XINJI ENERGY | | Legal Representative | Liu Feng | [Contact Persons and Methods](index=4&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Dai Fei | Building 13, Xinji Energy Office Park, Minhui Street, Shannan New District, Huainan City, Anhui Province | 0554-8661819 | 0554-8661918 | xjnyir@chinacoal.com | | Securities Affairs Representative | Liao Qianjin | Building 41, Xinji Energy Office Park, Minhui Street, Shannan New District, Huainan City, Anhui Province | 0554-8661819 | 0554-8661918 | xjnyir@chinacoal.com | [Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address was changed on October 28, 2016, while its office address, postal code, website, and email remain unchanged - The company's registered address was changed from 12 Dongshan Middle Road, Huainan City, Anhui Province to Minhui Street, Huainan City, Anhui Province on October 28, 2016[14](index=14&type=chunk) Company Address and Contact Information | Item | Details | | :--- | :--- | | Company Registered Address | Minhui Street, Tianjia'an District, Huainan City, Anhui Province | | Company Office Address | Xinji Energy Office Park, Minhui Street, Tianjia'an District, Huainan City, Anhui Province | | Postal Code of Office Address | 232001 | | Company Website | https://xinji.chinacoal.com/ | | Email | xjnyir@chinacoal.com | [Changes in Information Disclosure and Document Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates specific newspapers and a website for information disclosure, with the semi-annual report available at its Securities Affairs Department Information Disclosure Channels | Item | Details | | :--- | :--- | | Designated Newspapers for Information Disclosure | China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily | | Website for Semi-Annual Report | www.sse.com.cn | | Location for Semi-Annual Report | Company's Securities Affairs Department | [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange under the ticker "Xinji Energy" (601918), with previous names including "SDIC Xinji" and "*ST Xinji" Company Stock Information | Stock Type | Stock Exchange | Stock Ticker | Stock Code | Previous Stock Tickers | | :--- | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange | Xinji Energy | 601918 | SDIC Xinji, *ST Xinji | [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's revenue and net profit declined by 2.91% and 21.72% YoY respectively, while total assets grew by 7.78% Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,810,913,716.05 | 5,985,171,605.71 | -2.91 | | Total Profit | 1,401,264,109.00 | 1,760,215,333.12 | -20.39 | | Net Profit Attributable to Shareholders | 920,423,593.11 | 1,175,805,395.59 | -21.72 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 934,633,593.76 | 1,137,905,517.41 | -17.86 | | Net Cash Flow from Operating Activities | 1,626,727,649.05 | 1,755,278,803.42 | -7.32 | | Net Assets Attributable to Shareholders (End of Period) | 16,428,779,526.08 | 15,556,336,743.32 | 5.61 | | Total Assets (End of Period) | 48,142,220,275.04 | 44,665,923,358.32 | 7.78 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.36 | 0.45 | -20.00 | | Diluted Earnings Per Share (Yuan/Share) | 0.36 | 0.45 | -20.00 | | Basic EPS (Excluding Non-Recurring Items) (Yuan/Share) | 0.36 | 0.44 | -18.18 | | Weighted Average Return on Equity (%) | 5.76 | 8.42 | Decrease of 2.66 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 5.84 | 8.15 | Decrease of 2.31 percentage points | [Non-Recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In H1 2025, the company's total non-recurring profit and loss amounted to -14.21 million yuan, mainly from various gains and losses Non-Recurring Profit and Loss Items and Amounts (Jan-Jun 2025) | Non-Recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Government Grants Included in Current Profit/Loss (Excluding Continuous Impact) | 1,796,803.24 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities Held by Non-Financial Enterprises | 1,162,459.10 | | Reversal of Impairment Provision for Individually Tested Accounts Receivable | 4,040,000.00 | | Other Non-Operating Income and Expenses | -9,265,662.54 | | Other Items Meeting the Definition of Non-Recurring Profit/Loss | -12,008,096.44 | | Less: Income Tax Impact | -84,860.10 | | Minority Interest Impact (After Tax) | 20,364.11 | | Total | -14,210,000.65 | Section 3 Management Discussion and Analysis [Industry and Core Business Overview](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's core business involves coal mining, washing, and thermal power generation, facing a soft coal market and competitive pressure on thermal power from renewables - The company's main operations are energy projects focused on coal mining, coal washing, and thermal power generation, selling coal and electricity externally; its business covers the coal and electricity industries[26](index=26&type=chunk) - In H1 2025, national coal production increased significantly, and although imports decreased year-on-year, they remained at a relatively high level, leading to a continued oversupply in the thermal coal market and a downward trend in prices[26](index=26&type=chunk) - In H1 2025, national electricity consumption reached **4.84 trillion kWh**, a year-on-year increase of **3.7%**, with new wind and solar power installations accounting for nearly **90%** of total new capacity[27](index=27&type=chunk) - In the first half of the year, the traditional thermal power market was significantly squeezed by clean energy, with national thermal power generation above a designated size reaching **2.94 trillion kWh**, a year-on-year decrease of **2.4%**[28](index=28&type=chunk) [Industry Situation During the Reporting Period](index=6&type=section&id=(%E4%B8%80)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The coal industry saw ample supply and falling prices in H1, while the power sector experienced rising demand and a rapid increase in renewable energy capacity, squeezing thermal power - In H1 2025, national raw coal production totaled **2.405 billion tons**, a **5.4%** year-on-year increase, while national coal imports were **221.7 million tons**, an **11.1%** year-on-year decrease[26](index=26&type=chunk) - In the first half of the year, the thermal coal market experienced a continuous oversupply with insufficient demand-side support, leading to a general downward trend in prices[26](index=26&type=chunk) - China's macroeconomic growth is expected to remain stable in 2025, with electricity consumption growth in H2 projected to be higher than in H1, and total national electricity consumption for 2025 is expected to increase by **5%-6%** year-on-year[27](index=27&type=chunk) - As of the end of June, thermal power installed capacity was **1.475 billion kW**, accounting for approximately **40.4%** of total installed capacity, a decrease of **2.7 percentage points** from the end of 2024[28](index=28&type=chunk) [Company's Business Operations During the Reporting Period](index=7&type=section&id=(%E4%BA%8C)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company operates five coal mines with a total capacity of 23.5 million tons/year and is expanding its thermal power portfolio, maintaining a stable market share in its region - As of June 2025, the company operates **5 producing mines** with a total annual capacity of **23.5 million tons**[29](index=29&type=chunk) - The company holds a controlling interest in Lixin Power Plant Phase I (2*1000MW) and Phase II (2*660MW), is constructing Shangrao (2*1000MW), Chuzhou (2*660MW), and Lu'an (2*660MW) power plants, and has a stake in Xuancheng Power Plant (1*660MW, 1*630MW)[29](index=29&type=chunk) - The company's coal is sold within Anhui Province and surrounding areas, primarily for thermal power generation and chemical industries, with transportation mainly by rail, and has maintained a stable regional market share[29](index=29&type=chunk) [Discussion and Analysis of Operating Performance](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company's commercial coal production and sales grew, and on-grid electricity generation increased significantly, yet revenue and net profit faced downward pressure - In H1 2025, the company's commercial coal production was **9.94 million tons**, up **6.16%** YoY; commercial coal sales were **9.43 million tons**, up **3.63%** YoY; and on-grid electricity generation was **6.28 billion kWh**, a **44.22%** YoY increase[31](index=31&type=chunk) - The company achieved operating revenue of **5.81 billion yuan**, total profit of **1.40 billion yuan**, and net profit attributable to the parent company of **920 million yuan**[31](index=31&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its vast resource reserves, strategic location, high-quality coal, mature management, and an integrated coal-power strategy - The company holds **6.185 billion tons** of resource reserves within its mining rights and an additional **2.651 billion tons** in deep extensions, totaling **8.836 billion tons**, providing a solid foundation for sustainable development[32](index=32&type=chunk) - Located in central Anhui Province, the company is adjacent to the economically developed but energy-deficient Yangtze River Delta region, offering advantages in supply flexibility and lower transportation costs[32](index=32&type=chunk) - The company's coal, primarily gas coal and 1/3 coking coal, is of stable quality with low-to-medium ash, low sulfur, low phosphorus, and medium-to-high calorific value, making it a favored environmentally friendly product[33](index=33&type=chunk) - The company has established a comprehensive management system with an excellent management and technical team, continuously strengthening budget, cost, capital, asset, coal quality, and investment management[33](index=33&type=chunk) - The company is building a new coal-power integrated base; currently, its controlled Lixin Power Plant and equity-held Xuancheng Power Plant consume about **50%** of its coal output, with new plants under construction to further enhance synergies[33](index=33&type=chunk) [Principal Business Activities During the Reporting Period](index=8&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the period, revenue decreased by 2.91% while costs rose 2.71%, with significant balance sheet changes reflecting increased investment in ongoing projects Financial Statement Item Variations (Jan-Jun 2025 vs Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,810,913,716.05 | 5,985,171,605.71 | -2.91 | | Operating Costs | 3,583,081,931.33 | 3,488,504,535.83 | 2.71 | | Selling Expenses | 25,842,029.36 | 25,797,482.87 | 0.17 | | Administrative Expenses | 363,258,365.57 | 350,697,646.67 | 3.58 | | Financial Expenses | 244,457,675.13 | 255,648,488.65 | -4.38 | | R&D Expenses | 630,000.00 | 1,445,594.44 | -56.42 | | Net Cash Flow from Operating Activities | 1,626,727,649.05 | 1,755,278,803.42 | -7.32 | | Net Cash Flow from Investing Activities | -2,960,550,575.30 | -2,897,770,209.61 | -2.17 | | Net Cash Flow from Financing Activities | 2,096,742,686.54 | 1,956,895,164.97 | 7.15 | - The change in R&D expenses was mainly due to delays in the bidding process for some R&D projects, resulting in lower actual settlement amounts in the first half of the year[36](index=36&type=chunk) Asset and Liability Status Changes (End of Period vs Prior Year-End) | Item | Current Period-End (Yuan) | % of Total Assets | Prior Year-End (Yuan) | % of Total Assets | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,994,739,922.55 | 6.22 | 2,286,458,017.05 | 5.12 | 30.98 | | | Prepayments | 63,275,320.81 | 0.13 | 33,253,118.87 | 0.07 | 90.28 | Increase in prepayments for materials during the reporting period | | Inventories | 484,249,043.15 | 1.01 | 307,775,023.90 | 0.69 | 57.34 | Increase in commercial coal inventory during the reporting period | | Construction in Progress | 3,966,436,826.94 | 8.24 | 2,364,578,081.88 | 5.29 | 67.74 | Increased investment in power plant projects under construction | | Right-of-Use Assets | 90,457,723.10 | 0.19 | 66,930,176.80 | 0.15 | 35.15 | Increase in leased equipment for mining faces | | Short-term Borrowings | 2,341,062,361.12 | 4.86 | 1,390,737,741.66 | 3.11 | 68.33 | Increased short-term borrowing to take advantage of lower one-year loan rates | | Contract Liabilities | 299,503,862.86 | 0.62 | 137,838,476.43 | 0.31 | 117.29 | Increase in advance payments received for coal sales | | Lease Liabilities | 110,559,466.33 | 0.23 | 37,584,209.28 | 0.08 | 194.16 | Increase in leased equipment for mining faces | - At the end of the period, the company had **112.58 million yuan** in restricted funds due to mortgages, pledges, or freezes, primarily related to litigation freezes, land reclamation deposits, and performance bond pledges[38](index=38&type=chunk) External Equity Investments | Investee Company | Year-End Investment Cost (Yuan) | Equity Ratio | Year-End Book Value (Yuan) | Investment Income (Yuan) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | China Coal Xuancheng Power Generation Co, Ltd | 481,091,900.00 | 49% | 638,361,157.42 | 18,783,347.09 | Equity Method | | China Coal Intelligent Technology Co, Ltd | 24,500,000.00 | 49% | 47,821,845.00 | 4,250,638.29 | Equity Method | | Anhui Provincial Natural Gas Development Co, Ltd | 89,320,000.00 | 4.03% | 198,424,857.96 | 7,294,300.00 | Equity Method | Major Equity Investment Projects | Investee Company | Main Business | Investment Amount (10k Yuan) | Shareholding Ratio | Consolidated | Funding Source | Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shangrao Xintou Power Generation Co, Ltd | Thermal Power Generation | 57,200.00 | 65% | Yes | Own Funds | Chimney outer wall capped, main plant enclosed, turbine platform positioned | | China Coal Xinji (Chuzhou) Power Generation Co, Ltd | Thermal Power Generation | 112,801.81 | 85% | Yes | Own Funds | Turbine platform positioned, main plant enclosed, auxiliary power system energized | | China Coal Xinji Lu'an Energy Co, Ltd | Thermal Power Generation | 35,200.00 | 55% | Yes | Own Funds | Boiler main girders positioned, heating surface installation started, chimney outer wall capped | Financial Assets Measured at Fair Value | Asset Class | Opening Balance (Yuan) | Fair Value Change (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | | Stocks | 39,270,900.89 | 1,162,459.10 | 40,433,359.99 | | Other | 4,765,072.16 | 0 | 4,765,072.16 | | Total | 44,035,973.05 | 1,162,459.10 | 45,198,432.15 | [Other Disclosures](index=13&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces safety, financial, market, and environmental risks, which it addresses through enhanced management and strategic investments in ongoing projects - The company's coal production is affected by natural disasters such as water, fire, roof collapses, gas, and coal dust, posing long-term safety risks[48](index=48&type=chunk) - The company has significant capital expenditures planned for new coal-power and new energy projects, a relatively high asset-liability ratio, and considerable pressure from principal and interest payments[48](index=48&type=chunk) - Due to changes in supply and demand in the domestic coal and electricity markets, the prices of the company's main products, such as coal and electricity, are subject to fluctuation risks[48](index=48&type=chunk) - Stricter national energy conservation and environmental protection policies have increased constraints on the company, and environmental taxes have raised operating costs[49](index=49&type=chunk) - The Shangrao power plant project has completed the chimney outer wall, enclosed the main plant, and positioned the turbine platform; the Chuzhou plant has positioned the turbine, enclosed the main plant, and energized the auxiliary power system; the Lu'an plant has positioned the boiler main girders and started installing the heating surface[50](index=50&type=chunk) - The company is investing in the Lixin Phase I 100 MW wind power project in Bozhou City, with a total dynamic investment of approximately **667.83 million yuan**, expected to be grid-connected by the end of 2025[50](index=50&type=chunk) Section 4 Corporate Governance, Environment, and Society [Changes in Directors and Senior Management](index=13&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) On June 26, 2025, the company elected a new board of directors and appointed new senior management, involving multiple appointments and departures Changes in Directors and Senior Management | Name | Position | Change | | :--- | :--- | :--- | | Liu Feng | Director, Chairman | Elected | | Sun Kai | Director, General Manager | Elected/Appointed | | Cheng Maojiu | Chief Financial Officer | Appointed | | Dai Fei | Board Secretary | Appointed | | Wang Zhigen | Director, Chairman | Resigned | | Guo Zhanfeng | Director, General Manager | Resigned | | Xu Jin | Deputy General Manager | Resigned | | Han Baiqing | Chief Engineer | Resigned | | Cui Liguo | Independent Director | Resigned | - On June 26, 2025, the company held its 2024 Annual General Meeting, electing 8 directors for the 11th Board of Directors, and subsequently appointed 9 members of the management team at the first meeting of the 11th Board[53](index=53&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=14&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no proposed profit distribution or capitalization of capital reserve plan for the semi-annual period - Proposed semi-annual profit distribution plan or capitalization of capital reserve plan: No[54](index=54&type=chunk) [Environmental Information of Listed Companies and Subsidiaries on the Mandatory Disclosure List](index=15&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its six main subsidiaries are included in the list of enterprises required to disclose environmental information, with links provided for their respective reports - The number of enterprises included in the list for mandatory environmental information disclosure is **6**[56](index=56&type=chunk) Subsidiaries on the Mandatory Environmental Information Disclosure List | No. | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | China Coal Xinji Liuzhuang Mining Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E5%88%98%E5%BA%84%E7%9F%BF%E4%B8%9A&hy=%5B%5D | | 2 | China Coal Xinji Fuyang Mining Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E9%98%9C%E9%98%B3%E7%9F%BF%E4%B8%9A&hy=%5B%5D | | 3 | China Coal Xinji Lixin Mining Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E5%88%A9%E8%BE%9B%E7%9F%BF%E4%B8%9A&hy=%5B%5D | | 4 | China Coal Xinji Lixin Power Generation Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E5%88%A9%E8%BE%9B%E5%8F%91%E7%94%B5&hy=%5B%5D | | 5 | China Coal Xinji Energy Co, Ltd Xinji No.1 Mine | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E6%96%B0%E9%9B%86%E4%B8%80%E7%9F%BF&hy=%5B%5D | | 6 | China Coal Xinji Energy Co, Ltd Xinji No.2 Mine | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E6%96%B0%E9%9B%86%E4%BA%8C%E7%9F%BF&hy=%5B%5D | [Poverty Alleviation and Rural Revitalization Efforts](index=15&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) In H1 2025, the company actively implemented rural revitalization strategies, focusing on industrial development, consumer support, education, and infrastructure improvement - In H1 2025, the company implemented the central government's rural revitalization strategy and followed group and local requirements, advancing various rural revitalization tasks based on consolidating poverty alleviation achievements[57](index=57&type=chunk) - The company focused on promoting industrial cultivation, consumer assistance, education quality improvement, talent training, and rural construction, allocating funds as planned to improve the living and production conditions of assisted communities[57](index=57&type=chunk) - To deepen consumer assistance, the company plans to organize **160 employees** for recuperation activities in Wei County, Hebei, and Yinjiang, Guizhou, with an investment of **708,000 yuan**, and purchased **24,472 kg** of mung beans from Wei County to expand sales channels through "purchase as assistance"[57](index=57&type=chunk) - In line with Huainan City's assistance arrangements, the company added Yangcun Village in Yangcun Town as a new assisted village and is actively coordinating with relevant departments to develop practical assistance plans[58](index=58&type=chunk) Section 5 Important Matters [Fulfillment of Commitments](index=16&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) China National Coal Group has made commitments to avoid competition, including reducing business overlap and giving Xinji Company priority in certain regions, with some commitments extended to 2026 - China National Coal has committed to actively use asset restructuring, equity swaps, and business adjustments to minimize business overlap with Xinji Company[60](index=60&type=chunk) - For coal assets managed by China National Coal on behalf of SDIC, if there is substantial competition with Xinji Company, no coal will be sold in Anhui or Jiangxi provinces without Xinji's consent; if consent is given, Xinji will have the priority to purchase and sell the coal exclusively[61](index=61&type=chunk) - The "Supplementary Commitment Letter on Avoiding Competition with Xinji Energy," originally due on December 20, 2021, has been extended by China National Coal to **December 20, 2026**[62](index=62&type=chunk) [Major Litigation and Arbitration Matters](index=17&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in several major lawsuits concerning contract disputes and equity transfers, with many cases ruled in its favor and now in enforcement or settlement stages Major Litigation and Arbitration Matters | Plaintiff (Applicant) | Defendant (Respondent) | Type | Case Details | Amount Involved (Yuan) | Status | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | The Company | Anhui Liuzhuang Real Estate Co, Ltd | Litigation | Demand for repayment of principal, interest, and penalties | 394,104,579.52 | Final judgment upheld by Supreme People's Court in Oct 2019; 208.98 million yuan repaid by June 30, 2025; judicial auction initiated | Company won the case | | The Company | Huainan Xinjinjiang Hotel Co, Ltd, Chen Qiming | Litigation | Demand for repayment of debt principal and interest | 80,587,979.10 | Retrial application rejected by Supreme People's Court on Dec 28, 2021; currently in enforcement stage | Company won the case | | The Company | Anqing Aidi Materials Co, Ltd | Litigation | Demand for immediate payment for coal sales | 10,266,436.04 | Settlement agreement reached in 2020; company is proceeding with enforcement according to the agreement | Enforcing settlement agreement | | Tianjin Weichen Investment Co, Ltd | Shanghai New Bund Enterprise Development Co, Ltd, The Company | Litigation | Claims for losses from fund appropriation, delayed delivery, etc | 223,698,361.60 | Second-instance judgment received in April 2025, appeal rejected, original verdict upheld | Company won the case | | Zhongyuan Rail Transit Engineering Co, Ltd | The Company, Third Party China Railway Company | Litigation | Construction contract dispute | 44,866,666.43 | Second-instance judgment received on May 4, 2023, ordering the company to pay 20.85 million yuan; company is cooperating with court enforcement | Company won the case | [Significant Related-Party Transactions](index=19&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in numerous routine related-party transactions totaling 1.94 billion yuan and maintained significant debt and deposit relationships with China Coal Finance Co, Ltd Related-Party Transactions (Purchase of Goods/Services) | Related Party | Transaction Category | 2025 Actual (Yuan) | | :--- | :--- | :--- | | Anhui Chuyuan Industry and Trade Co, Ltd | Industrial/Mining Products, Meal Services, Logistics, Labor, Transportation | 247,699,521.42 | | China National Coal Development Co, Ltd | Purchase of Goods, Receipt of Services | 175,107,029.64 | | Beijing China Coal Washing Technology Co, Ltd | Purchase of Goods, Receipt of Services | 63,395,183.24 | | China Coal Zhangjiakou Coal Mining Machinery Co, Ltd | Purchase of Goods, Receipt of Services | 55,791,854.86 | | China Coal No.72 Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 16,746,278.57 | | China Coal Intelligent Technology Co, Ltd | Purchase of Goods, Receipt of Services | 12,931,517.99 | | China Coal Xi'an Design Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 11,261,388.40 | | China Coal Tianjin Design Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 10,918,468.75 | | Beijing China Coal Financial Leasing Co, Ltd | Purchase of Goods, Receipt of Services | 9,068,217.56 | | China Coal Construction and Installation Engineering Group Co, Ltd | Purchase of Goods, Receipt of Services | 7,235,532.08 | | Jiangsu Datun Electric Power Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 6,134,729.17 | | Shanxi China Coal Sida Mechanical and Electrical Equipment Co, Ltd | Purchase of Goods, Receipt of Services | 5,693,446.02 | | China Coal No.5 Construction Co, Ltd | Purchase of Goods, Receipt of Services | 4,638,738.63 | | Jiangsu China Coal Environmental Protection Technology Co, Ltd | Purchase of Goods, Receipt of Services | 1,894,026.55 | | China Coal Energy Nanjing Co, Ltd | Purchase of Goods, Receipt of Services | 1,701,275.77 | | China Coal No.1 Construction Co, Ltd | Purchase of Goods, Receipt of Services | 1,559,633.03 | | China Coal Shaanxi Zhong'an Project Management Co, Ltd | Purchase of Goods, Receipt of Services | 1,225,383.24 | | China Coal Equipment Engineering Consulting Co, Ltd | Purchase of Goods, Receipt of Services | 620,754.72 | | China Local Coal Mine Co, Ltd | Purchase of Goods, Receipt of Services | 471,698.11 | | Shanghai China Coal Materials Co, Ltd | Purchase of Goods, Receipt of Services | 233,018.87 | | Beijing Kangdi Construction Supervision Consulting Co, Ltd | Purchase of Goods, Receipt of Services | 66,037.74 | | Subtotal | | 622,670,180.06 | Related-Party Transactions (Sale of Goods) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | China Coal Xuancheng Power Generation Co, Ltd | Sale of Goods | 813,025,403.07 | | China National Coal Group Co, Ltd Jiangsu Branch | Sale of Goods | 403,341,623.69 | | Shanghai Datun Energy Co, Ltd | Sale of Goods | 87,472,172.32 | | Huanggang Dabieshan Power Generation Co, Ltd | Sale of Goods | 408,461.08 | | China Coal Energy Nanjing Co, Ltd | Sale of Goods | 81,132.08 | | Subtotal | | 1,304,328,792.24 | | Total | | 1,938,232,933.44 | Related-Party Borrowings (Funds Borrowed) | Related Party | Borrowing Amount (Yuan) | Start Date | End Date | | :--- | :--- | :--- | :--- | | China Coal Finance Co, Ltd | 99,000,000.00 | 2022/07/14 | 2025/07/14 | | China Coal Finance Co, Ltd | 99,000,000.00 | 2022/10/28 | 2025/10/28 | | China Coal Finance Co, Ltd | 17,930,000.00 | 2020/10/30 | 2025/10/30 | | China Coal Finance Co, Ltd | 95,000,000.00 | 2022/12/15 | 2025/12/15 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2023/01/16 | 2026/01/16 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2023/02/28 | 2026/02/28 | | China Coal Finance Co, Ltd | 300,000,000.00 | 2023/12/25 | 2026/12/25 | | China Coal Finance Co, Ltd | 40,000,000.00 | 2024/02/28 | 2039/02/28 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2024/05/23 | 2039/02/28 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2024/06/25 | 2039/02/28 | | China Coal Finance Co, Ltd | 227,000,000.00 | 2024/07/29 | 2039/02/28 | | China Coal Finance Co, Ltd | 70,058,349.46 | 2024/08/30 | 2039/02/28 | | China Coal Finance Co, Ltd | 85,000,000.00 | 2024/11/28 | 2039/11/28 | | China Coal Finance Co, Ltd | 3,000,000.00 | 2025/01/22 | 2039/11/28 | | China Coal Finance Co, Ltd | 6,724,800.00 | 2024/12/23 | 2039/12/23 | | Total | 1,442,713,149.46 | | | Financial Services with China Coal Finance Co, Ltd | Business Type | Relationship | Credit Line (Yuan) | Interest Rate Range | Opening Balance (Yuan) | Current Period Borrowings (Yuan) | Current Period Repayments (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lending | Ultimate Same Controller | 9,100,000,000.00 | 2.1%-4.0% | 1,444,713,149.46 | 3,000,000.00 | 5,000,000.00 | 1,442,713,149.46 | | Deposits | Ultimate Same Controller | 1,481,603,574.22 | 0.35%-0.9% | 1,070,781,929.12 | 28,224,581,703.71 | 28,068,817,214.93 | 1,226,546,417.90 | [Major Contracts and Their Performance](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company signed several major contracts for power plant construction and electricity sales, reflecting ongoing investment and operations in its coal-power and new energy sectors - In January 2025, China Coal Xinji Lu'an Energy Co, Ltd signed a contract worth **106.59 million yuan** with Beijing Boqi Electric Power Technology Co, Ltd for the desulfurization system engineering of the Lu'an power plant[81](index=81&type=chunk) - In February 2025, China Coal Xinji Lixin Power Generation Co, Ltd signed multiple bilateral electricity trading intention letters with several power companies, totaling approximately **638 million yuan**[81](index=81&type=chunk) - In March 2025, China Coal Xinji Lixin Power Generation Co, Ltd signed a bilateral electricity trading intention letter with CGN (Beijing) Power Sales Service Co, Ltd for **407.34 million yuan**[82](index=82&type=chunk) - In March 2025, China Coal Xinji Lixin Power Generation Co, Ltd signed a bilateral electricity trading intention letter with China Coal (Anhui) Power Sales Co, Ltd for **1.53 billion yuan**[82](index=82&type=chunk) - In April 2025, China Coal Xinji Lu'an Energy Co, Ltd signed a railway line construction contract with Anhui Shangtie Local Railway Development Co, Ltd for **236.12 million yuan**[82](index=82&type=chunk) - In May 2025, China Coal Xinji (Chuzhou) Power Generation Co, Ltd signed a procurement contract with Harbin Boiler Co, Ltd for the main piping systems of the Chuzhou power plant, valued at **167.13 million yuan**[82](index=82&type=chunk) Section 6 Share Capital Changes and Shareholder Information [Changes in Share Capital](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total number of shares and share capital structure remained unchanged - During the reporting period, the company's total number of shares and share capital structure did not change[84](index=84&type=chunk) [Shareholder Information](index=24&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period end, the company had 90,644 common shareholders, with China National Coal Group Co, Ltd being the largest shareholder with a 31.15% stake - Total number of common shareholders at the end of the reporting period was **90,644**[86](index=86&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held at Period-End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China National Coal Group Co, Ltd | 806,930,126 | 31.15 | State-owned Legal Person | | Guohua Energy Co, Ltd | 196,707,787 | 7.59 | State-owned Legal Person | | Anhui Xinji Coal and Electricity (Group) Co, Ltd | 185,902,860 | 7.18 | State-owned Legal Person | | National Social Security Fund Portfolio 406 | 82,207,125 | 3.17 | Other | | Kuwait Investment Authority - Own Funds | 32,676,149 | 1.26 | Foreign Legal Person | | Monetary Authority of Macao - Own Funds | 32,344,540 | 1.25 | Foreign Legal Person | | National Social Security Fund Portfolio 504 | 32,335,995 | 1.25 | Other | | ICBC - Guotai CSI Coal ETF | 24,122,188 | 0.93 | Other | | ABC - CSI 500 ETF | 23,191,377 | 0.90 | Other | | CCB - Wanjia Select Hybrid Securities Investment Fund | 22,663,846 | 0.87 | Other | - The top three shareholders have no related-party relationships or concerted action arrangements; the relationships of other shareholders are unknown[90](index=90&type=chunk) Section 7 Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=26&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds Section 8 Financial Report [Audit Report](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [Financial Statements](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the first half of 2025, reflecting its financial position, performance, and cash flows [Consolidated Balance Sheet](index=27&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were 48.14 billion yuan, an increase of 7.78% from the previous year-end, with total liabilities at 29.47 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,994,739,922.55 | 2,286,458,017.05 | | Trading Financial Assets | 40,433,359.99 | 39,270,900.89 | | Accounts Receivable | 1,065,039,639.25 | 1,018,536,946.12 | | Inventories | 484,249,043.15 | 307,775,023.90 | | Total Current Assets | 5,156,506,363.33 | 4,032,765,601.48 | | Long-term Equity Investments | 884,607,860.38 | 859,915,130.64 | | Fixed Assets | 25,399,152,653.51 | 26,016,653,300.51 | | Construction in Progress | 3,966,436,826.94 | 2,364,578,081.88 | | Intangible Assets | 1,959,043,290.78 | 1,953,485,054.75 | | Total Non-current Assets | 42,985,713,911.71 | 40,633,157,756.84 | | Total Assets | 48,142,220,275.04 | 44,665,923,358.32 | | Short-term Borrowings | 2,341,062,361.12 | 1,390,737,741.66 | | Accounts Payable | 3,121,335,903.02 | 3,177,307,205.72 | | Contract Liabilities | 299,503,862.86 | 137,838,476.43 | | Total Current Liabilities | 11,036,283,350.92 | 9,893,329,004.13 | | Long-term Borrowings | 15,625,789,168.93 | 14,507,900,421.22 | | Lease Liabilities | 110,559,466.33 | 37,584,209.28 | | Total Non-current Liabilities | 18,432,570,089.25 | 17,357,894,222.12 | | Total Liabilities | 29,468,853,440.17 | 27,251,223,226.25 | | Total Equity Attributable to Parent Company | 16,428,779,526.08 | 15,556,336,743.32 | | Minority Interest | 2,244,587,308.79 | 1,858,363,388.75 | | Total Equity | 18,673,366,834.87 | 17,414,700,132.07 | | Total Liabilities and Equity | 48,142,220,275.04 | 44,665,923,358.32 | [Consolidated Income Statement](index=31&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's consolidated revenue was 5.81 billion yuan, a 2.91% YoY decrease, while net profit attributable to parent shareholders fell by 21.72% to 920 million yuan Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 5,810,913,716.05 | 5,985,171,605.71 | | II. Total Operating Costs | 4,440,371,329.46 | 4,316,999,224.32 | | Operating Costs | 3,583,081,931.33 | 3,488,504,535.83 | | Taxes and Surcharges | 223,101,328.07 | 194,905,475.86 | | Selling Expenses | 25,842,029.36 | 25,797,482.87 | | Administrative Expenses | 363,258,365.57 | 350,697,646.67 | | R&D Expenses | 630,000.00 | 1,445,594.44 | | Financial Expenses | 244,457,675.13 | 255,648,488.65 | | III. Operating Profit | 1,410,529,771.54 | 1,739,015,390.65 | | IV. Total Profit | 1,401,264,109.00 | 1,760,215,333.12 | | Less: Income Tax Expense | 398,779,830.52 | 470,296,570.14 | | V. Net Profit | 1,002,484,278.48 | 1,289,918,762.98 | | Net Profit Attributable to Parent Company Shareholders | 920,423,593.11 | 1,175,805,395.59 | | Minority Interest Income | 82,060,685.37 | 114,113,367.39 | | VII. Total Comprehensive Income | 1,002,484,278.48 | 1,289,918,762.98 | | Basic Earnings Per Share (Yuan/Share) | 0.36 | 0.45 | [Consolidated Cash Flow Statement](index=35&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was 1.63 billion yuan, while net cash used in investing activities was 2.96 billion yuan, primarily for asset construction Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,626,727,649.05 | 1,755,278,803.42 | | Net Cash Flow from Investing Activities | -2,960,550,575.30 | -2,897,770,209.61 | | Net Cash Flow from Financing Activities | 2,096,742,686.54 | 1,956,895,164.97 | | Net Increase in Cash and Cash Equivalents | 762,919,760.29 | 814,403,758.78 | | Cash and Cash Equivalents at End of Period | 2,882,159,054.27 | 2,283,373,666.49 | - Cash received from sales of goods and rendering of services was **6.99 billion yuan** in the current period, compared to **7.14 billion yuan** in the prior year period[35](index=35&type=chunk) - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was **2.97 billion yuan** in the current period, compared to **2.95 billion yuan** in the prior year period[36](index=36&type=chunk) - Cash received from borrowings was **4.32 billion yuan** in the current period, compared to **5.22 billion yuan** in the prior year period[36](index=36&type=chunk) [Company Basic Information](index=47&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) China Coal Xinji Energy Co, Ltd, listed on the Shanghai Stock Exchange since 2007, is a coal mining and power generation company controlled by China National Coal Group - China Coal Xinji Energy Co, Ltd (formerly "SDIC Xinji Energy Co, Ltd") was registered as a joint-stock limited company on December 1, 1997, and was listed on the Shanghai Stock Exchange on December 19, 2007[134](index=134&type=chunk) - On December 21, 2016, China National Coal Group Co, Ltd became the company's controlling shareholder, and the company's name was changed to "China Coal Xinji Energy Co, Ltd"[136](index=136&type=chunk) - As of June 30, 2025, China National Coal Group holds **806.93 million shares**, representing a **31.15%** equity stake[137](index=137&type=chunk) - The company's main business includes coal mining, power generation, transmission, and distribution, with its primary products being thermal coal and electricity[137](index=137&type=chunk) - The company's parent and ultimate controlling parent company is China National Coal Group Co, Ltd[138](index=138&type=chunk) - At the end of the period, the scope of the consolidated financial statements included **12 subsidiaries**, such as China Coal Xinji Liuzhuang Mining Co, Ltd and China Coal Xinji Fuyang Mining Co, Ltd[139](index=139&type=chunk) [Basis of Preparation for Financial Statements](index=48&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and relevant CSRC regulations, on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standard" and various specific accounting standards, application guides, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as the "Rules for the Preparation of Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports" issued by the China Securities Regulatory Commission[140](index=140&type=chunk) - These financial statements are prepared on a going concern basis[141](index=141&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates applied in preparing the financial statements, covering areas from revenue recognition to asset impairment - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises and provide a true and complete view of the company's financial position, operating results, changes in equity, and cash flows[143](index=143&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[161](index=161&type=chunk) - The company uses the cost method for long-term equity investments in subsidiaries and the equity method for investments in associates and joint ventures[178](index=178&type=chunk)[179](index=179&type=chunk) - The company recognizes revenue when it has fulfilled its performance obligations in a contract, specifically when the customer obtains control of the related goods or services[210](index=210&type=chunk) - The company accrues work safety funds and maintenance fees in accordance with the "Administrative Measures for the Extraction and Use of Enterprise Work Safety Funds" (Cai Zi [2022] No. 136) issued by the Ministry of Finance and the Ministry of Emergency Management, tailored to its specific circumstances[227](index=227&type=chunk) [Taxation](index=68&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes, including VAT, property tax, and corporate income tax, and benefits from several tax incentives Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods or provision of taxable services | 6%, 9%, 13% | | Property Tax | Based on 70% of the original value of the property or rental income | 1.2%, 12% | | Land Use Tax | Actual occupied land area | Note | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 5%, 7% | | Education Surcharge | Payable turnover tax amount | 3% | | Local Education Surcharge | Payable turnover tax amount | 2% | | Corporate Income Tax | Taxable income | 25%, 20% | | Resource Tax | Sales amount of coal from the mining area | 2% | - China Coal Xinji Liuzhuang Mining Co, Ltd enjoys a property tax exemption for its housing rental market operations[234](index=234&type=chunk) - The company and its subsidiaries, including Liuzhuang, Fuyang, and Lixin mining companies, benefit from land use tax exemptions for gangue piles and spoil tips[234](index=234&type=chunk) - In H1 2025, Anhui Wencai Building Co, Ltd and Anhui Zhigu E-commerce Industrial Park Management Co, Ltd qualified as small and micro enterprises, enjoying "six taxes and two fees" reductions and a reduced corporate income tax rate of **20%** on **25%** of their taxable income[234](index=234&type=chunk)[235](index=235&type=chunk) [Notes to Consolidated Financial Statement Items](index=70&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures on individual items in the consolidated financial statements, highlighting significant increases in construction in progress and short-term borrowings - At the end of the period, cash and cash equivalents included **112,580,868.28 yuan** of restricted funds due to mortgages, pledges, or freezes[236](index=236&type=chunk) - The closing balance of accounts receivable was **1,160,331,369.71 yuan**, with a bad debt provision of **95,291,730.46 yuan**, and **4,040,000.00 yuan** of bad debt provision was recovered or reversed during the period[242](index=242&type=chunk)[251](index=251&type=chunk) - The closing book value of inventories was **484,249,043.15 yuan**, a **57.34%** increase from the beginning of the period, mainly due to higher commercial coal stocks[37](index=37&type=chunk)[290](index=290&type=chunk) - The closing book value of construction in progress was **3,966,436,826.94 yuan**, a **67.74%** increase from the beginning of the period, primarily due to increased investment in power plant projects under construction[37](index=37&type=chunk)[324](index=324&type=chunk) - The closing balance of short-term borrowings was **2,341,062,361.12 yuan**, a **68.33%** increase from the beginning of the period, as the company opportunistically increased short-term borrowing to capitalize on lower one-year loan interest rates[37](index=37&type=chunk)[352](index=352&type=chunk) - The closing balance of long-term borrowings was **15,625,789,168.93 yuan**, a **7.71%** increase from the beginning of the period, with interest rates ranging from **1.45% to 4.00%**[37](index=37&type=chunk)[380](index=380&type=chunk) - Operating revenue for the period was **5,810,913,716.05 yuan**, and operating cost was **3,583,081,931.33 yuan**[406](index=406&type=chunk) [R&D Expenditures](index=119&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's R&D expenditure was 630,000.00 yuan, all of which was expensed and related to a single research project on mining safety R&D Expenditure Details | Project | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Research on AI-based intelligent recognition algorithm platform for mine videos and other projects | 0 | 1,445,594.44 | | Research on the impact analysis and prevention technology of single-wing mining and high-pressure grouting on shaft safety under complex hydrogeological conditions | 630,000.00 | 0 | | Total | 630,000.00 | 1,445,594.44 | | Of which: Expensed R&D expenditure | 630,000.00 | 1,445,594.44 | [Interests in Other Entities](index=120&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 12 subsidiaries engaged in coal and power operations and has equity in several key associate companies Corporate Group Structure (Partial) | Subsidiary Name | Main Place of Business | Registered Capital (Yuan) | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | China Coal Xinji Liuzhuang Mining Co, Ltd | Fuyang, Anhui | 600,000,000.00 | Coal Mining and Washing | 100.00 | | China Coal Xinji Lixin Power Generation Co, Ltd | Bozhou, Anhui | 2,084,000,000.00 | Electricity and Heat Production and Supply | 55.00 | | Shangrao Xintou Power Generation Co, Ltd | Shangrao, Jiangxi | 1,572,000,000.00 | Electricity and Heat Production and Supply | 65.00 | | China Coal Xinji Lu'an Energy Co, Ltd | Lu'an, Anhui | 1,138,624,000.00 | Electricity and Heat Production and Supply | 55.00 | Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Partial) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders (Yuan) | Minority Equity Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | China Coal Xinji Lixin Power Generation Co, Ltd | 45.00 | 81,988,721.73 | 1,444,445,810.81 | | China Coal Xinji (Chuzhou) Power Generation Co, Ltd | 15.00 | 0 | 199,095,789.68 | | Shangrao Xintou Power Generation Co, Ltd | 35.00 | 0 | 308,001,410.12 | | China Coal Xinji Lu'an Energy Co, Ltd | 45.00 | 0 | 288,000,000.00 | Significant Associate Companies | Joint Venture or Associate Name | Main Place of Business | Business Nature | Shareholding (%) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Anhui Provincial Natural Gas Development Co, Ltd | Hefei, Anhui | Gas Production and Supply | 4.03 | Equity Method | | China Coal Xuancheng Power Generation Co, Ltd | Xuancheng, Anhui | Electricity and Heat Production and Supply | 49.00 | Equity Method | | China Coal Intelligent Technology Co, Ltd | Hefei, Anhui | Software and Information Technology Services | 49.00 | Equity Method | - Anhui Provincial Natural Gas Development Co, Ltd has 8 board members, one of whom is appointed by the company, giving it significant influence[472](index=472&type=chunk) [Government Grants](index=124&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company recognized 1.91 million yuan in government grants, primarily asset-related grants recorded as other income Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 1,906,803.24 | 2,108,433.72 | | Total | 1,906,803.24 | 2,108,433.72 | Government Grant Reporting | Balance Sheet Item | Government Grant Amount (Yuan) | Amount Recognized in P/L or Offset Against Costs (Yuan) | P/L Item | | :--- | :--- | :--- | :--- | | Deferred Income | 1,906,803.24 | 1,906,803.24 | Other Income | | Total | 1,906,803.24 | 1,906,803.24 | | [Risks Related to Financial Instruments](index=125&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company primarily faces credit, liquidity, and market risks, which it manages through credit controls, cash flow monitoring, and interest rate risk assessment - The main risks arising from the company's financial instruments are **credit risk, liquidity risk, and market risk**[478](index=478&type=chunk) - Credit risk mainly arises from bank deposits, accounts receivable, and other receivables, which the company controls by assessing customer creditworthiness, setting credit terms, and regular monitoring[478](index=478&type=chunk)[479](index=479&type=chunk) - Liquidity risk is centrally managed by the finance department through monitoring cash balances and rolling 12-month cash flow forecasts to ensure sufficient funds to meet obligations[479](index=479&type=chunk) - The company's interest rate risk primarily stems from bank borrowings; as of June 30, 2025, its main borrowings are short-term and long-term loans with relatively stable interest rates, posing minimal risk[479](index=479&type=chunk)[480](index=480&type=chunk) - The company's primary capital management objective is to ensure its ability to continue as a going concern and maintain a healthy capital ratio to support business development and maximize shareholder value[480](index=480&type=chunk) [Fair Value Disclosures](index=126&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At period-end, the company's assets measured at fair value totaled 45.20 million yuan, consisting mainly of trading financial assets and other equity investments Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 40,433,359.99 | 0 | 40,433,359.99 | | (2) Equity Instrument Investments | 40,433,359.99 | 0 | 40,433,359.99 | | (III) Other Equity Instrument Investments | 0 | 4,765,072.16 | 4,765,072.16 | | Total Assets at Fair Value | 40,433,359.99 | 4,765,072.16 | 45,198,432.15 | - The company's Level 1 fair value equity instrument investments are in listed companies, with fair value determined by quoted market prices[484](index=484&type=chunk) - The company's Level 3 fair value other equity instrument investments are in unlisted companies, with fair value determined by reference to the investee's net assets at the balance sheet date[485](index=485&type=chunk) [Related Parties and Transactions](index=127&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is China National Coal Group Co, Ltd, and it engages in significant routine transactions with numerous related parties, including sales, purchases, and financing - The company's parent is China National Coal Group Co, Ltd, which holds a **31.15%** stake and has control over the company[488](index=488&type=chunk) Related-Party Transactions for Goods and Services (Current Period) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Anhui Chuyuan Industry and Trade Co, Ltd | Industrial products, logistics services, etc | 235,975,967.12 | | China National Coal Development Co, Ltd | Purchase of goods | 175,107,029.64 | | China Coal Xuancheng Power Generation Co, Ltd | Sale of goods | 813,025,403.07 | | China National Coal Group Co, Ltd Jiangsu Branch | Sale of goods | 403,341,623.69 | | Total (Partial) | | 1,627,450,023.52 | Related-Party Borrowings (Funds Borrowed) | Related Party | Borrowing Amount (Yuan) | Start Date | End Date | | :--- | :--- | :--- | :--- | | China Coal Finance Co, Ltd | 1,442,713,149.46 | 2020/10/30-2025/01/22 | 2025/07/14-2039/12/23 | Receivables from Related Parties (Closing Balance) | Item | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | China Coal Finance Co, Ltd | 1,226,546,417.90 | | Accounts Receivable | China National Coal Group Co, Ltd Jiangsu Branch | 94,809,727.20 | | Prepayments | China Coal Energy Supply Chain Management (Beijing) Co, Ltd | 10,092,098.92 | | Other Receivables | China Coal Intelligent Technology Co, Ltd | 820,996.00 | | Other Non-current Assets | China National Coal Development Co, Ltd | 4,388,573.34 | Payables to Related Parties (Closing Book Balance) | Item | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Anhui Chuyuan Industry and Trade Co, Ltd | 312,630,541.03 | | Dividends Payable | China National Coal Group Co, Ltd | 10,035,111.68 | | Long-term Borrowings Due within One Year | China Coal Finance Co, Ltd | 534,855,000.00 | | Long-term Borrowings | China Coal Finance Co, Ltd | 907,858,149.46 | [Other Important Matters](index=136&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has identified two reportable segments, coal and power, and has disclosed key financial information for each segment - The company has identified **2 reportable segments** based on its internal organizational structure, management requirements, and internal reporting system: Coal and Power[505](index=505&type=chunk) Financial Information by Reportable Segment (H1 2025) | Item | Coal (Yuan) | Power (Yuan) | Inter-segment Elimination (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 3,476,835,869.06 | 2,334,077,846.99 | 0 | 5,810,913,716.05 | | Investment Income from Associates and Joint Ventures | 0 | 0 | 0 | 32,532,664.00 | | Total Profit (Loss) | 1,234,297,268.01 | 161,081,239.26 | 5,885,601.73 | 1,401,264,109.00 | | Total Assets | 33,175,526,698.11 | 14,950,340,859.31 | 16,352,717.62 | 48,142,220,275.04 | | Total Liabilities | 20,675,011,925.15 | 8,793,669,132.85 | 172,382.17 | 29,468,853,440.17 | [Notes to Parent Company Financial Statement Items](index=138&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The parent company's financial statements show significant balances in accounts receivable, other receivables, and long-term equity investments, with substantial investment income Parent Company Accounts Receivable (Closing) | Aging | Closing Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | | Wi

新集能源8月22日披露半年报，公司上半年实现营业收入58.11亿元，同比下降2.91%；归属于上市公司 股东的净利润9.2亿元，同比下降21.72%；基本每股收益0.36元。 ...

专题：2024年度A股独立董事数据报告 MACD金叉信号形成，这些股涨势不错！ 经过多年发展，独立董事制度已经成为我国上市公司治理结构的重要一环，在完善公司治理结构、促进 规范运作、保护中小投资者合法权益等方面发挥了积极作用。独立董事可以促进提升董事会决策水平， 凭借专业知识和独立的判断，为公司发展提供客观的意见建议。 崔利国，2024年在新集能源1家A股上市公司担任独立董事，报酬为13.8万元。 任职期间内，新集能源共召开7次董事会会议、2次股东大会，崔利国均按时出席上述会议。同时，对公 司董事会审议的各项议案均投以赞成票，没有提出异议的事项，也没有反对或弃权的情形。 履历显示，崔利国，男，1970年2月出生，中国国籍，毕业于中国政法大学，获法律学士学位、法学硕 士学位，现任北京观韬律师事务所创始合伙人、管理委员会主任，中华全国律师会金融证券专业委员会 委员，兼任中煤新集能源股份有限公司、亚太卫星控股有限公司（1045.HK）、中核国际有限公司 （2302.HK）、先丰服务集团有限公司（0500.HK）、北京人寿保险股份有限公司、中合中小企业融资 担保股份有限公司独立董事。 公开资料显示，2024年崔利国在 ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

人民财讯8月20日电，8月19日，国家能源集团党组书记、董事长邹磊在集团总部会见中国煤炭地质总局 党委书记贾春曲，双方就服务国家发展战略、强化央企合作协同进行座谈交流。邹磊表示，希望双方在 煤炭清洁化利用、资源勘探开发、煤基新材料研发等领域深化务实合作，进一步加强科技创新交流。贾 春曲表示，希望双方能够密切交流对接，建立更加高效顺畅的沟通机制，在矿产资源勘探、矿山地质保 障、矿山应急救援、清洁能源开发以及国际化发展等方面开展高水平合作。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The combination of "logistics package" and "volume-price linkage" is driving the increase in industry concentration, forcing intermediaries out of the market and enhancing the sensitivity of coal prices [5] - The "logistics package" mechanism significantly reduces comprehensive logistics costs, creating sustainable advantages in delivery certainty and cost, while raising entry barriers for small coal operators [5] - The "volume-price linkage" mechanism strengthens scale premiums, allowing large mining and trading enterprises to gain larger discounts, while smaller entities face profit margin compression [5] - The weakening of intermediary roles is expected to enhance coal price sensitivity, with a clear trend of price reversal under the backdrop of supply contraction expectations [5] - The report emphasizes the importance of evaluating the effectiveness of "anti-involution" policies and their impact on liquidity and risk preferences to seize coal investment opportunities [5] Summary by Sections Policy Focus on Cost Reduction and Efficiency - National policies are continuously promoting the development of logistics package models [14] - The logistics package model is seen as a core strategy to reduce overall logistics costs through integrated services [7] Strengthening Long-term Contract Barriers - Long-term contract policies are reinforcing scale barriers, putting pressure on intermediaries [16] - The proportion of railway coal in total coal shipments has increased significantly in 2023 compared to 2022 [21][20] Volume-Price Linkage Trading Pilot - The introduction of volume-price linkage trading mechanisms is expected to benefit large market players significantly [25] - The rapid decrease in port coal inventories contrasts with weak net inflows, indicating a structural tightening in supply [24][23] - The Taiyuan Coal Trading Center has initiated a volume-price linkage trading mechanism to enhance market liquidity and efficiency [27] Investment Recommendations - The report recommends focusing on elastic stocks in the coal sector, highlighting specific companies likely to benefit from the current market dynamics [10]

Group 1: Institutional Research and Shareholder Activity - The top twenty companies with the most institutional research in the last 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology[5] - In the last five days, the most researched companies include Nanwei Medical, Anjisi, Jinchengzi, Xinqianglian, and Baiya Co.[5] - Among the top twenty companies with institutional research in the last 30 days, 12 companies had 10 or more rating agencies, including Dongpeng Beverage, Zhongchong Co., and Hikvision[5] Group 2: Shareholder Buybacks - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having 10 or more rating agencies, and only 2 companies (Baolong Technology and Fuanna) had buyback amounts exceeding 1% of their market value[25] - From January 1 to August 15, 2025, 1,662 companies announced buyback progress, with 364 having 10 or more rating agencies, and 99 companies had buyback amounts exceeding 1% of their market value[27] Group 3: Shareholder Increase Activity - From August 11 to August 15, 2025, only 5 companies with significant shareholder increases had amounts below 1% of their market value[19] - From January 1 to August 15, 2025, 251 companies announced significant shareholder increases, with 67 having 10 or more rating agencies, and 19 companies had amounts exceeding 1% of their market value[21]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology [10][11] - In the last five days, the most popular companies for institutional research include Nanwei Medical, Anjisi, Jinchengzi, New Strong Union, and Baiya Co. [10][11] - Among the top twenty companies in the past 30 days, twelve companies had ten or more rating agencies, including Dongpeng Beverage, Zhongchong Co., Ninebot, Baiya Co., Hikvision, Jereh, Xinyi Technology, Hongfa Technology, Nanwei Medical, Baijia Shenzhou, Huaming Equipment, and Shijia Photon [10][11] - Companies such as Xinyi Technology, Dongpeng Beverage, Zhongchong Co., and Ninebot are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [10][11] Group 2: Shareholder Increase and Buyback Situations - From August 11 to August 15, 2025, five companies announced significant shareholder increases, but the average proposed increase amount was less than 1% of the market value on the announcement date [14] - From January 1 to August 15, 2025, a total of 251 companies announced shareholder increases, with 67 having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Tunnel Co., Sailun Tire, and Wanrun Co. [15] - During the same period, 1,662 companies announced buyback progress, with 364 having ten or more rating agencies. Among these, 99 companies had a proposed buyback amount exceeding 1% of the market value [19] Group 3: Buyback Progress - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having ten or more rating agencies. Only two companies, Baolong Technology and Fuanna, had a proposed buyback amount exceeding 1% of the market value [18] - From January 1 to August 15, 2025, 99 companies were in the board proposal stage for buybacks, including Liu Gong, Sanor Biotech, Shantui, Haixing Electric, Jiayi Co., and Gaoneng Environment [19] Group 4: Institutional Fund Flow - During the week of August 11 to August 15, 2025, sectors such as power equipment, electronics, real estate, non-bank financials, public utilities, computers, home appliances, building materials, light industry manufacturing, and banking received net inflows from institutional funds [24]

登录新浪财经APP 搜索【信披】查看更多考评等级 ● 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，公司计划于2025年08月26日 （星期二）09:00-10:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度的经营成果及财务指标的具体情况与 投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 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 ...