Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-027 冀中能源股份有限公司 关于召开 2024 年年度股东大会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会。 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 15 日的 9：15～9：25，9：30～11：30 和 13：00～15：00； 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 5 月 15 日上午 9：15 至下午 15：00 期间的任意时间。 5、会议召开方式：本次会议采取现场投票与网络投票相结合的 方式召开。 （1）现场投票：股东本人出席现场会议或者通过授权委托他人 出席现场会议； （2）网络投票：本次临时股东大会将通过深圳证券交易所交易 系统和互联网投票系统向公司股东提供网络形式的投票平台，公司股 东可以在上述网络投票时间内通过深圳证券交易所的交易系统或互 联网投票系统行使表决权。 2、会议召集人：公司董事会。经公司第八届董事会第十二次会 议审议通过，公司决定 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-026 关于举行 2024 年度业绩说明会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 冀中能源股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日在巨潮资讯网（http://www.cninfo.com.cn）披露了公司 2024 年年度报告。为加强上市公司投资者关系管理，同时便于广大 投资者更全面深入地了解公司 2024 年年度业绩和经营情况，公司 将举办 2024 年年度网上业绩说明会，现将有关事项公告如下： 一、会议时间 2025 年 5 月 13 日（星期二）15:30-16:30 二、会议方式 本次业绩说明会将通过网络图文展示以及文字互动方式召开， 冀中能源股份有限公司 出席本次公司 2024 年度业绩说明会的人员有：公司董事长闫 云胜先生，公司总经理谢国强先生，公司总会计师兼董事会秘书张 文成先生。 四、投资者问题征集及方式 为便于投资者与公司之间的交流，现就公司 2024 年度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。 公司 ...

Core Viewpoint - As of May 6, 2024, a total of 3,671 companies in the Shanghai and Shenzhen markets have announced their distribution plans for the year, with 3,646 of these companies including cash dividends, amounting to a total cash distribution of 1.64 trillion yuan [1] Group 1: High Dividend Yield Companies - Among the companies that have announced cash dividend plans, 379 have a dividend yield exceeding 3%, with 72 companies having a yield over 5% [1] - The company with the highest dividend yield is "好想你" (Hao Xiang Ni), offering a cash dividend of 10 yuan per share, resulting in a yield of 12.08% [1] - Other notable companies with high dividend yields include "冀中能源" (Ji Zhong Energy) at 9.49%, "广汇能源" (Guanghui Energy) at 9.24%, and "郑煤机" (Zheng Coal Machine) at 8.63% [1][3] Group 2: Industry Distribution of High Dividend Yield Companies - The industries with the most companies yielding over 5% include machinery, coal, and basic chemicals, each with 7 companies represented [2] - In terms of market segments, 66 companies from the main boards of Shenzhen and Shanghai, 2 from the Beijing Stock Exchange, and 4 from the ChiNext board have high dividend yields [2] Group 3: Consistent High Dividend Yield Stocks - A total of 177 companies have maintained a dividend yield above 3% for the past three years [4] - Notable companies with consistent high dividend yields include "冀中能源" (Ji Zhong Energy) with yields of 15.72%, 8.40%, and 9.49% over the past three years [4] - Other companies with consistent yields include "广汇能源" (Guanghui Energy) and "郑煤机" (Zheng Coal Machine), showing yields of 8.87% to 9.80% and 5.02% to 8.63% respectively [4][5]

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-025 冀中能源股份有限公司 关于公司控股股东股份解除冻结的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 冀中能源股份有限公司（以下简称"公司"）于近日收到控股股 东冀中能源集团有限责任公司（以下简称"冀中能源集团"）的通知， 获悉冀中能源集团将其所持有公司部分股份办理了解除冻结业务，具 体情况如下： 一、本次股份解除冻结的基本情况 | 股东名 | 是否为控股 股东或第一 | 本次解除冻 | 占其所 | 占公司总 | | 解除冻结 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 股本比例 | 起始日 | | 申请人 | | 称 | 大股东及其 | 结数量（股） | 比例（%） | （%） | | 日期 | | | | 一致行动人 | | | | | | | | 冀中能 | 是 | 195,903,960 | 16.68 | 5.54 | 2021-9-6 | 2025-4-24 | 北京市金 | | ...

Revenue and Profit - Revenue for Q1 2025 was CNY 4,024,492,878.01, a decrease of 24.53% compared to CNY 5,332,769,797.58 in the same period last year[5] - Net profit attributable to shareholders was CNY 318,929,621.28, down 54.97% from CNY 708,201,226.21 year-on-year[5] - Basic earnings per share decreased by 54.94% to CNY 0.0903 from CNY 0.2004 in the previous year[5] - Net profit for the current period is ¥402,146,088.35, a decline of 53.5% compared to ¥863,169,404.94 in the previous period[16] - The company reported a total profit of ¥496,447,650.46, a decrease of 55.5% from ¥1,112,297,077.13 in the previous period[15] Cash Flow - Net cash flow from operating activities was CNY 127,301,440.75, a decline of 58.63% compared to CNY 307,697,741.84 in the same period last year[5] - Cash flow from operating activities generated a net amount of ¥127,301,440.75, down 58.7% from ¥307,697,741.84[18] - Cash and cash equivalents at the end of the period totaled ¥10,830,799,008.36, a decrease from ¥12,579,735,135.61 at the end of the previous period[18] - Investment activities resulted in a net cash outflow of ¥823,984,966.51, compared to a net outflow of ¥491,989,161.32 in the previous period[18] - Financing activities generated a net cash inflow of ¥786,275,709.01, down 52.5% from ¥1,652,700,865.12[18] Assets and Liabilities - Total assets increased by 3.18% to CNY 54,885,085,839.79 from CNY 53,196,088,650.56 at the end of the previous year[5] - The total assets of the company increased to RMB 54.89 billion, up from RMB 53.20 billion, representing a growth of approximately 3.16%[13] - The company's current assets reached RMB 19.40 billion, an increase from RMB 17.84 billion, reflecting a growth of about 8.73%[12] - The total liabilities rose to RMB 30.26 billion, compared to RMB 29.10 billion, indicating an increase of approximately 3.98%[14] - The long-term borrowings increased to RMB 5.89 billion from RMB 4.63 billion, marking a rise of approximately 27.19%[13] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 73,988[8] - The company's equity attributable to shareholders rose to RMB 21.38 billion from RMB 20.94 billion, representing an increase of about 2.09%[14] Investment and Expenses - Investment income increased by 76.40% due to higher returns from joint ventures and associates[9] - Research and development expenses decreased by 57.79% due to reduced investment in R&D activities[9] - The balance of prepayments increased by 42.39%, mainly due to higher prepaid electricity and freight costs[9] - The inventory level increased to RMB 1.78 billion from RMB 1.55 billion, indicating a growth of approximately 14.51%[12] Asset Disposal - Asset disposal gains surged by 18,477.66% primarily from the recognition of small thermal power unit capacity transfer income[9] - The company plans to publicly transfer 90% equity of Qinglong Coal Industry for a price of RMB 2.12 billion, aiming to revitalize assets and quickly recover funds[11] - The company has not found suitable buyers for the 90% equity of Qinglong Coal Industry as of the end of the transfer period[11]

华夏时报记者李佳佳李未来北京报道 近期，上市公司年报披露进入密集期，焦炭行业的业绩表现成为资本市场关注焦点。 4月24日，山西焦化（600740）股份有限公司(下称"山西焦化"，600740.SH)发布2024年年报，公司营收 75.07亿元，同比下滑14.2%；归母净利润2.63亿元，同比大幅减少79.37%；扣非净利润2.39亿元，降幅 达81.24%。 此前，陕西黑猫（601015）焦化股份有限公司(下称"陕西黑猫"，601015.SH)也公布了2024年年报，公 司归母净利润-11.58亿元，同比暴跌126.21%；扣非净利润-11.54亿元，同比降低130.16%。值得一提的 是，这是陕西黑猫上市以来最差的成绩单，公司利润亏损再创新高。 卓创资讯（301299）焦炭分析师刘璐璐对《华夏时报》记者表示，焦炭行业近年盈利面临较大压力，主 要有两方面原因，一是各地环保压力下对煤耗指标的控制，部分焦炉被迫停产淘汰或者持续限产压力； 二是国内钢铁行业供应过剩局面下，国内粗钢逐年压减，焦炭需求逐年萎缩，焦企议价能力下降。 产能过剩 除了价格下跌，销量下滑这一趋势也在多家企业的经营数据中得到印证。 2024年，从 ...

受煤炭行业周期性影响，冀中能源（000937）(000937.SZ)营收、净利双降。 4月23日晚间，冀中能源发布年报。2024年，公司实现营业收入187.31亿元，同比下降23.01%；归属于 上市公司股东的净利润(净利润，下同)12.08亿元，同比下降75.56%。 作为河北省煤炭生产销售龙头企业，受煤炭市场供求关系影响，冀中能源的煤炭售价下降，导致公司业 绩下滑。 长江商报记者注意到，2024年，冀中能源的商品煤综合售价为580.78元，同比下降19.4%。报告期内， 公司煤炭产量、销量分别为2692.89万吨、2425.43万吨，同比下降1.76%、6.85%。 不过，冀中能源依旧保持高比例分红。包括中报及年报分红在内，冀中能源2024年度的分红金额将达到 28.27亿元，占全年净利润的比例达234.02%。 同日，冀中能源还宣布，公司拟以8.98亿元收购建信金融资产投资有限公司(以下简称"建信投资")持有 的山西寿阳段王煤业集团有限公司(以下简称"段王煤业")20.02%股权。 收购完成之后，冀中能源对段王煤业控股比例将增至83.21%，可以进一步巩固对段王煤业的控制权， 提高投资收益。 主业毛利率 ...

➢ 事件：2025 年 4 月 23 日，1）公司发布 2024 年年报，2024 年营业收入 187.31 亿元，同比减少 23.01%；归属于母公司所有者的净利润 12.08 亿元，同 比减少 75.56%。2）公司拟与建信金融资产投资有限公司签署《山西寿阳段王煤 业集团有限公司股权转让协议》，以 8.98 亿元收购段王煤业 20.02%股权。 ➢ 24Q4 出现亏损。根据年报测算，24Q4 公司实现归母净利润-0.06 亿元， 去年同期归母净利润为 10.28 亿元，由盈转亏。环比 24Q3 的 2.13 亿元由盈转 亏。24Q4 扣非后净利润为 0.44 亿元，同比下降 93.26%，环比下降 78.56%。 24Q4 计提资产减值损失以及信用减值损失 1.25 亿元，影响业绩释放。 ➢ 全年现金分红 234%，股息率 14%。据公告，公司拟每 10 股派 6.0 元，合 计派发现金红利 21.2 亿元，叠加中期分红，2024 年度合计拟派发现金红利人民 币 28.27 亿元，占当年归属于公司股东净利润的比例为 233.96%。以 2025 年 4 月 23 日收盘价测算，股息率 13.82%。 ➢ ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 18.731 billion yuan, down 23.01% year-on-year, and net profit attributable to shareholders at 1.208 billion yuan, down 75.56% year-on-year [1][5]. - The company plans to acquire a 20.02% stake in Shandong Shouyang Duanwang Coal Industry Group for 899 million yuan, which is expected to enhance investment returns [1][3]. - The company has proposed a high cash dividend of 234%, with a total cash dividend distribution of 2.827 billion yuan for the year, resulting in a dividend yield of approximately 13.82% based on the closing price on April 23, 2025 [2][5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a net profit of -0.06 billion yuan, a significant drop from 1.028 billion yuan in the same period last year, and a decrease from 0.213 billion yuan in Q3 2024 [1]. - The coal production for 2024 was 26.9289 million tons, a decrease of 1.76% year-on-year, while coal sales fell by 6.85% to 24.2543 million tons [2]. - The average selling price of coal decreased by 19.4% to 580.78 yuan per ton, with the cost per ton dropping by 16.73% to 362.69 yuan [2]. Business Segments - The non-coal business also faced challenges, with a decline in gross margins across various products, including coke, caustic soda, PVC, and fiberglass [3]. - The acquisition of Duanwang Coal is projected to add value, with the company holding coal reserves of 493 million tons and a net profit of 498 million yuan in 2024, translating to a PE ratio of approximately 9 times for the acquired stake [3]. Future Projections - The company forecasts net profits of 0.396 billion yuan, 0.533 billion yuan, and 0.617 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.11 yuan, 0.15 yuan, and 0.17 yuan [4][5]. - The projected PE ratios for the next three years are 52, 38, and 33 times, respectively, indicating a potential recovery in earnings [4][5].