第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李宏伟先生、主管会计工作负责人陈光先生及会计机构负责 人（会计主管人员）李世双先生声明：保证本半年度报告中财务报告的真实、 准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述存在的相关风险，请查阅"第三节、管理层 讨论与分析之十、公司面临的风险和应对措施"中关于可能对公司未来发展 战略和经营目标的实现产生不利影响的风险因素内容。 河南神火煤电股份有限公司 2025 年半年度报告 2025-053 【2025 年 8 月】 河南神火煤电股份有限公司 2025 年半年度报告全文 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 重要提示、目录和释义 | 1 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | | 第三节 管理层讨论与分析 | 9 | | 第四节 公司治理、环境和社会 | 29 | | 第五节 重要事项 | 32 | | ...

证券之星消息，8月18日工业金属板块较上一交易日下跌1.64%，神火股份领跌。当日上证指数报收于3728.03，上涨0.85%。深证成指报收于 11835.57，上涨1.73%。工业金属板块个股涨跌见下表： 从资金流向上来看，当日工业金属板块主力资金净流出10.04亿元，游资资金净流入6.95亿元，散户资金净流入3.09亿元。工业金属板块个股资金 流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601609 | 金田股份 | 12.53 | 10.01% | 42.91万 | | 5.38亿 | | 600615 | 丰夜股份 | 13.40 | 5.02% | 14.48万 | | 1.94亿 | | 605208 | 永成泰 | 16.03 | 4.09% | - 29.26万 | | 4.67亿 | | 300328 | 宜安科技 | 14.15 | 3.06% | 97.36万 | | 13.80亿 | | 603115 | 海星股份 | 17.18 | 2 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1]. Core Viewpoints - The aluminum processing sector is witnessing a recovery in operating rates, with expectations for inventory to reach a turning point. The upcoming "Golden September and Silver October" peak season is anticipated to boost demand [11]. - The macroeconomic environment is leaning towards favorable conditions, with expectations of interest rate cuts by the Federal Reserve and a temporary suspension of tariffs between China and the U.S. [6]. - The report highlights that the current low inventory levels and reduced aluminum ingot supply provide support for aluminum prices [11]. Summary by Sections 1. Prices - As of August 15, the LME three-month aluminum closing price was $2,603.0 per ton, down $12.0 from the previous week but up $276.0 year-on-year [24]. - The Shanghai aluminum active contract closing price was 20,770.0 yuan per ton, up 85.0 yuan week-on-week and up 1,755.0 yuan year-on-year [24]. - The average price of A00 aluminum in Changjiang was 20,680.0 yuan per ton, up 50.0 yuan week-on-week and up 1,750.0 yuan year-on-year [24]. 2. Production - In July 2025, the production of electrolytic aluminum was 3.721 million tons, an increase of 112,000 tons month-on-month and 168,000 tons year-on-year [55]. - The production of alumina in July 2025 was 7.650 million tons, up 392,000 tons month-on-month and 808,000 tons year-on-year [55]. 3. Inventory - As of August 14, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 588,000 tons, an increase of 24,000 tons week-on-week [7]. - The inventory of aluminum rods was 138,500 tons, down 4,000 tons week-on-week, indicating a continuous decline due to reduced production by manufacturers [7]. 4. Key Companies and Earnings Forecast - Key companies in the aluminum sector include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yunnan Aluminum, all rated as "Buy" [5].

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 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]

Group 1 - The core point of the article highlights the performance and holdings of the Invesco Great Wall State-Owned Enterprise Value Mixed A fund, which has shown positive returns since its inception [1] - The fund's latest net value is 1.3793 yuan, with a weekly return of 2.43%, a three-month return of 12.44%, and a year-to-date return of 14.46% [1] - The fund was established on May 30, 2023, and as of June 30, 2025, it has a total scale of 295 million yuan [1] Group 2 - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Holdings, Tencent Holdings, China National Offshore Oil Corporation, Chuan Yi Co., Ltd., Sinopharm Holdings, Zhuhai Yinhai Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1]

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]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase of 0.05% as of August 15, 2025, with notable performances from stocks such as COFCO Sugar (600737) and Huafa Co. (600325) [1] - The high dividend strategy includes both capital gains and dividend income, focusing on mature companies with strong profitability and cash flow, which tend to distribute profits as dividends [1] - The State-Owned Enterprises Dividend ETF (159515) closely tracks the China Securities State-Owned Enterprises Dividend Index, which consists of 100 listed companies with high and stable cash dividend yields [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), accounting for a total of 16.77% of the index [2] - The individual performance of the top stocks shows varying changes, with COSCO Shipping Holdings experiencing a slight decline of 0.32% and Shanxi Coal and Electricity (000983) increasing by 1.12% [4]

Meeting Overview - The first temporary shareholders' meeting of Henan Shenhuo Coal Power Co., Ltd. was held on August 14, 2025, at 15:00 [1][2] - The meeting combined on-site voting and online voting, with the online voting period from 9:15 to 15:00 on the same day [1][2] Attendance - A total of 984 shareholders and their representatives attended the meeting, holding or representing 1,283,687,725 shares, which is 57.4632% of the total voting shares [3] - Among them, 3 shareholders attended in person, representing 755,306,742 shares (33.8107%), while 981 participated via online voting, representing 528,380,983 shares (23.6525%) [3] - Small shareholders (excluding directors, supervisors, and senior management) accounted for 981 attendees, holding 528,380,983 shares (23.6525%) [3] Proposal Review and Voting Results - Three proposals were reviewed and voted on during the meeting: 1. Proposal to repurchase and cancel part of the restricted stock from the 2021 incentive plan and adjust the repurchase price. This proposal was passed with more than two-thirds approval from the voting shares [5] 2. Proposal to reduce registered capital and amend the company's articles of association. This proposal also received more than two-thirds approval from the voting shares [5] 3. Proposal for the 2025 external donation budget. This proposal was passed with more than half approval from the voting shares [6] Legal Opinion - The meeting's procedures and voting methods were confirmed to be in compliance with relevant laws and regulations by Henan Yatai Law Firm, ensuring the legality and validity of the meeting and its resolutions [7] Documentation - The resolutions from the shareholders' meeting and the legal opinion will be kept on record for reference [8]

Summary of the Conference Call for Shenhuo Holdings Company Overview - **Company**: Shenhuo Holdings - **Industry**: Aluminum and Coal Key Points Stock Performance and Market Dynamics - Shenhuo Holdings' stock price trends generally align with Yun Aluminum, but fluctuations occur due to Shenhuo's coal business, which is affected by coal price volatility [2][4] - In 2022, high coal prices led to Shenhuo's profitability exceeding that of Yun Aluminum, but since 2023, Shenhuo's stock performance has lagged behind Yun Aluminum as coal prices declined [2][5] - By early 2024, an increase in coal sector valuations helped Shenhuo's stock rebound, but from early 2025 to late June, falling coking coal prices caused Shenhuo's market value to underperform compared to Yun Aluminum [5] Business Operations and Capacity - Shenhuo has a flexible management shareholding mechanism and has capitalized on two significant development opportunities in the past 20 years: establishing 800,000 tons of electrolytic aluminum capacity in Xinjiang and relocating 900,000 tons of capacity from Henan to Yunnan, which is now fully operational [2][6] - The company currently lacks supporting facilities for chlorinated alumina and has no plans for investment in this area, which is uncommon for large-scale electrolytic aluminum plants and poses a potential risk [7] Financial Performance and Profitability - Shenhuo's total coal production is 7 million tons, with coal business having a limited impact on overall performance; future earnings are expected to improve as coking coal prices recover [2][8] - In 2024, the coal business's gross profit margin is extremely low, making Shenhuo highly sensitive to increases in aluminum prices. A 1,000 yuan increase in aluminum prices is projected to boost net profit by 840 million yuan [10][11] Market Conditions and Future Outlook - The most challenging period for Shenhuo appears to be over, as coking coal prices have started to rebound from over 900 yuan to around 1,100-1,200 yuan [6] - The company has been exploring opportunities to expand capacity in Xinjiang but has not yet found suitable options. Previous discussions with local aluminum manufacturers for collaboration have not materialized due to profitability in the sector and local government restrictions [12] Coal Business Status - Shenhuo's coal business has recently shown signs of profitability, with three coal mines in Yongcheng and additional operations in Xuchang and Zhengzhou. The company has also resumed production at a 600,000-ton coal mine [9] - Despite experiencing losses in June, the rebound in coal prices has led to profitability in the coal segment by the second quarter [9] Sensitivity to Price Changes - The company has become more sensitive to aluminum price fluctuations, with a significant portion of its profit now derived from aluminum rather than coal, indicating a shift in its business model [10][11] Additional Insights - Shenhuo's management has demonstrated agility in navigating market changes, which may position the company favorably for future growth as market conditions evolve [6][8]