山西焦煤能源集团股份有限公司（以下简称"山西焦煤"）是中国国内最大的炼焦煤上市公司，公司17座 煤矿均为优质炼焦煤资源，截至2024年底共有资源量65.3亿吨，另外2024年取得一宗炼焦煤资源——兴 县井田探矿权，资源量9.5亿吨，资源寿命超行业平均水平。尤其在高端炼焦煤领域，公司骨架主焦煤 供应占比较高，对国内钢铁焦化企业具有不可替代性。 近日，中国上市公司协会联合新华财经等媒体开展"我在'十四五'这五年上市公司在行动"主题宣传活 动，多角度展现千行百业上市公司在"十四五"期间实现的发展成果。"十四五"期间，山西焦煤以科技创 新为笔，以绿色发展为墨，不断提升整体业务水平，推动公司价值最大化，交出了一份兼顾"稳保 供"与"促转型"的高质量发展答卷。 借力资本市场驱动公司跨越式发展 2021年2月，山西焦煤启动华晋焦煤资产重组工作，这是公司上市23年来的首次股权并购重组。 华晋焦煤是大型主焦煤生产企业，拥有沙曲一矿、沙曲二矿、吉宁矿及明珠矿等4座煤矿，公告生产能 力合计达1110万吨／年。旗下的沙曲一矿、沙曲二矿生产的优质主焦煤系世界稀有、国内稀缺品种，已 注册"华晋焦煤"品牌，享有"中国瑰宝"之美誉。 本次重 ...

Core Viewpoint - Shanxi Coking Coal Energy Group Co., Ltd. is the largest listed coking coal company in China, focusing on high-quality coking coal resources and achieving significant growth through strategic asset restructuring and technological innovation [1][2][3]. Group 1: Company Overview - Shanxi Coking Coal has 17 coal mines with a total resource volume of 6.53 billion tons, and an additional 0.95 billion tons from a newly acquired exploration right, with a resource lifespan exceeding the industry average [1]. - The company has a high market share in premium coking coal, making it irreplaceable for domestic steel coking enterprises [1]. Group 2: Strategic Developments - In February 2021, Shanxi Coking Coal initiated its first-ever equity merger and acquisition in 23 years, acquiring 51% of Huajin Coking Coal and 49% of Mingzhu Coal Industry, with a total asset value of 23 billion yuan and a transaction scale of 7.04 billion yuan [2]. - The restructuring project was approved by the CSRC on December 29, 2022, marking it as the largest asset restructuring in the coal sector in nearly a decade [2]. Group 3: Financial Performance - Post-restructuring, the company saw a significant increase in key financial metrics, with coal resource reserves rising from 4.4 billion tons to 6.6 billion tons and raw coal production capacity increasing from 37.8 million tons per year to 48.9 million tons per year [3]. - In 2023, the company successfully raised 4.4 billion yuan through a targeted issuance, receiving bids exceeding 10 billion yuan, marking the largest equity financing in the coal sector in over a decade [3]. Group 4: Resource Expansion - In 2024, the company successfully acquired additional coal resources amounting to 0.95 billion tons, increasing its coal resource reserves by 14% [4]. - The company also holds significant reserves of bauxite and gallium, establishing new production bases and strategic support points [4]. Group 5: Technological Advancements - Shanxi Coking Coal is focusing on low-carbon development and industrial upgrades, implementing a digital management system for mining operations and enhancing safety through advanced monitoring technologies [5][6]. - The company has completed the construction of 10 intelligent mines and is advancing smart mining techniques to optimize production processes [6]. Group 6: Corporate Governance - The company has improved its corporate governance structure by aligning with the latest regulatory requirements and enhancing its internal control systems [7]. - Shanxi Coking Coal has received an "A" grade for information disclosure from the Shenzhen Stock Exchange for four consecutive years and has been recognized for best practices in corporate governance [7]. Group 7: Investor Relations - The company has distributed over 26.1 billion yuan in dividends since its listing, with a cash dividend of 2.04 billion yuan planned for 2025, representing 20.16% of net profit [8].

Investment Rating - The coal industry is rated positively, with a focus on recovery in coal prices in the second half of 2025, which is expected to lead to performance recovery for coal companies [5][43]. Core Insights - In the first half of 2025, the coal sector underperformed the market, with the Shenwan coal mining index declining by 12.73%, while the Shanghai Composite Index rose by 2.76% [5][8]. - The average price of Q5500 thermal coal at ports was approximately 678 CNY/ton, down 22.57% year-on-year, and the average price for the second quarter was 633 CNY/ton, down 25.27% year-on-year [5][16]. - The overall revenue of 23 major listed coal companies was 513.1 billion CNY, a decrease of 18.9% year-on-year, with net profit falling by 31.1% to 55.5 billion CNY [5][22]. - The average dividend payout ratio for the coal industry increased to approximately 56.3% in 2024, reflecting a high dividend yield characteristic [5][35]. - The average return on equity (ROE) for the coal industry decreased to about 5.8% in the first half of 2025, down from previous years [5][41]. Summary by Sections 1. Industry Performance - The coal sector's performance was weaker than the market, with significant price declines impacting profitability [5][8]. - The first half of 2025 saw a high inventory level and a traditional off-peak season, leading to downward pressure on coal prices [5][16]. 2. Revenue and Profitability - Major coal companies reported a total revenue of 513.1 billion CNY, with a notable decline in both thermal and coking coal revenues [5][21]. - The net profit for the coal sector dropped significantly, with the thermal coal segment seeing a 24.1% decrease in net profit [5][22]. 3. Financial Metrics - The average expense ratio for the coal mining sector was 9.74%, showing a slight increase from the previous year [5][29]. - The industry maintained an average debt-to-asset ratio below 50%, indicating stable financial health [5][33]. 4. Dividend Trends - The coal industry's average dividend payout ratio has been on the rise, with several companies planning mid-year dividends in response to favorable policies [5][35]. 5. Investment Recommendations - Recommended stocks include China Shenhua, Shaanxi Coal, and China Coal for their stable operations and high dividends, while Shanxi Coal and Lu'an Environmental Energy are noted for their undervalued potential [5][43].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]

Core Viewpoint - Shanxi Coking Coal Energy Group Co., Ltd. (referred to as "Shanxi Coking Coal") has reported a safety production accident at its subsidiary, Water Yu Coal Industry Co., Ltd. (referred to as "Water Yu Coal"), which has led to its suspension of operations. The incident is currently under investigation by relevant government departments [2][3]. Company Impact - Water Yu Coal, established in 2005, is a significant subsidiary of Shanxi Coking Coal, with over 3,000 employees and a revenue of 1.05 billion yuan (approximately 0.79 billion yuan net profit) in the first half of 2025. The suspension of operations may add pressure to Shanxi Coking Coal's overall performance [3][4]. - Water Yu Coal has an annual approved production capacity of 4 million tons, accounting for 8.18% of the total approved capacity of Shanxi Coking Coal [4]. - The company stated that the specific impact of the suspension on its financial data will be determined based on audited financial reports. Following the accident, Water Yu Coal is cooperating with the investigation and implementing measures to enhance safety awareness and operational skills among employees [5]. Industry Context - Shanxi Coking Coal has faced multiple safety incidents in recent years, particularly involving its subsidiary, Huajin Coking Coal Co., Ltd. (referred to as "Huajin Coking Coal"). Notable incidents include accidents at Shaqu No. 1 Coal Mine and Jining Coal Industry Co., Ltd. [5][6]. - The overall performance of Shanxi Coking Coal has been declining since 2022, with net profits dropping from 10.754 billion yuan in 2022 to 3.108 billion yuan in 2024. In the first half of 2025, the company reported a revenue of 18.053 billion yuan, a 16.3% year-on-year decrease, and a net profit of 1.014 billion yuan, down 48.44% [9]. - The decline in profits is attributed to a decrease in coal prices, influenced by a relaxed supply-demand balance and increased imports. The domestic coal price has been fluctuating, with a downward trend in the price center for coking coal due to increased supply and decreased demand for pig iron [9][10]. Market Dynamics - The coking coal market is currently characterized by a relatively balanced supply-demand situation, with major producers, including Shanxi Coking Coal, holding significant market power. The first half of 2025 saw a wide drop in coking coal prices, leading to reduced production enthusiasm among coal mines [10]. - Despite the challenges, the demand for coking coal remains supported by high operating rates in coking plants, driven by optimistic steel consumption. As of August 28, 2025, coking coal inventories have decreased significantly compared to the previous year [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report indicates that the company's performance in the first half of 2025 was under pressure due to falling coal prices, but there is optimism for a recovery in coal prices in the second half of the year, which is expected to improve performance and provide mid-term dividend returns to investors [6] - The company reported a revenue of 18.05 billion yuan in H1 2025, a year-on-year decrease of 16.3%, and a net profit attributable to shareholders of 1.01 billion yuan, down 48.4% year-on-year [6] - The report highlights a proposed cash dividend of 0.36 yuan per 10 shares, totaling 204 million yuan, with a dividend payout ratio of 20.16% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 42.37 billion yuan, with a year-on-year decline of 6.4% [5] - Net profit attributable to shareholders for 2025 is projected at 2.18 billion yuan, a decrease of 29.8% year-on-year [5] - Earnings per share for 2025 is estimated at 0.38 yuan [5] - The company's gross margin is expected to decline to 26.8% in 2025 from 31.4% in 2024 [5] - The report anticipates a recovery in coal prices due to historical underinvestment in the coal industry, which may maintain industry profitability [6] Performance Comparison - The company's stock price has fluctuated between a high of 10.51 yuan and a low of 5.97 yuan over the past year, with a closing price of 7.05 yuan [1] - The company has a market capitalization of 32.71 billion yuan [1] - The price-to-earnings ratio for 2025 is projected at 18 times [5]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 8.23 CNY, while the current price is 6.75 CNY [5][18]. Core Views - The report anticipates a decline in H1 performance primarily due to price drops, but expects coal prices to stabilize in H2 under anti-involution policies. The company's high-quality coking coal resources are projected to continue leading the industry in pricing [2][3]. Financial Summary - Total revenue for 2023 is projected at 55,523 million CNY, with a year-on-year decrease of 14.8%. Net profit attributable to the parent company is expected to be 6,771 million CNY, down 37.0% year-on-year. The earnings per share (EPS) for 2023 is estimated at 1.19 CNY [4][12]. - For 2025, total revenue is forecasted to decline to 38,382 million CNY, a decrease of 15.3%, while net profit is expected to drop to 2,200 million CNY, down 29.2% [4][12]. Performance Expectations - The company achieved total revenue of 18,053 million CNY in H1 2025, a year-on-year decrease of 16.3%, and a net profit of 1,014 million CNY, down 48.44% year-on-year. The second quarter of 2025 saw total revenue of 9,028 million CNY, a decline of 18.06% year-on-year [11][12]. - The report suggests that the pressure on profitability is gradually easing, with expectations of improved industry profitability starting in H2 2025, supported by price increases in coking coal [11][12]. Industry Context - The company is positioned as a leader in the coking coal sector, with a significant acquisition of coal and bauxite exploration rights in Shanxi, which is expected to enhance future growth potential [11][12]. - The report highlights that the company's coal revenue decline is primarily due to price reductions, while cost control measures have shown effectiveness, with operating costs decreasing by 14.82% in H1 2025 [11][12].

Group 1 - The overall market showed positive performance on September 5, with all three major indices rising: Shenzhen Component Index increased by 3.89%, Shanghai Composite Index rose by 1.24%, and ChiNext Index surged by 6.55% [1] - The Shanxi sector also experienced an upward trend, with an overall increase of 1.40% influenced by the broader market [1] Group 2 - Shanxi Coal and Coking Company (stock code: 000983) was the top performer in the Shanxi sector, with a rise of 4.44% [2] - Huaxiang Co., Ltd. (stock code: 603112) and Lu'an Environmental Energy Development Co., Ltd. (stock code: 601699) also showed significant gains, increasing by 4.27% and 4.15% respectively [2] Group 3 - Shanxi Coal and Coking Company is the largest coking coal production base in China, with a comprehensive business model involving coal production, sales, washing, power generation, and mining services [3] - The company has established strategic partnerships with major firms such as Baosteel and Huaneng International, and its products are sold across more than 20 provinces in China and exported to countries like Japan and Germany [3] Group 4 - Huaxiang Co., Ltd. was established in 1999 and became the first private enterprise in Shanxi to be listed on the main board of the Shanghai Stock Exchange in 2020 [4] - The company specializes in metal material forming and precision processing, serving various industries including engineering machinery, home appliances, and automotive parts [4] Group 5 - Lu'an Environmental Energy Development Co., Ltd. was listed on the Shanghai Stock Exchange in 2006, raising 1.98 billion yuan with a high initial offering price, establishing a strong market presence as a high-value and high-growth coal enterprise [5]

Group 1 - The coal mining sector increased by 0.66% on September 5, with Shanxi Coking Coal leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the coal mining sector showed significant price increases, with Shanxi Coking Coal rising by 4.44% to a closing price of 7.05 [1] Group 2 - The coal mining sector saw a net inflow of 347 million yuan from main funds, while retail investors experienced a net outflow of 456 million yuan [2] - Major stocks like Shanxi Coking Coal and China Shenhua experienced varying levels of fund inflow and outflow, indicating mixed investor sentiment [3] - The trading volume and turnover for key stocks in the coal sector reflected active market participation, with Shanxi Coking Coal achieving a turnover of 494 million yuan [1][2]

Core Viewpoint - Despite the pressure on coal sector companies' profits due to declining coal prices in the first half of 2025, listed companies are generally maintaining or increasing their dividends, indicating confidence in the long-term stability of the industry [1] Group 1: Company Performance - China Shenhua (601088) and Shanxi Coking Coal (000983) have implemented their first interim dividends, while Shougang Resources has raised its interim dividend payout ratio to 76% [1] - The performance of leading thermal coal and coking coal companies reflects their confidence in the industry's long-term development [1] Group 2: Market Outlook - The expectation of high coal prices remaining stable in the second half of the year suggests that investment in the sector will continue to focus on dividend logic [1] - Leading thermal coal companies with high long-term contracts are expected to maintain good sales realization and stable profits, with a continued trend of strong cash flow [1] - The rising expectations of interest rate cuts by the Federal Reserve may further enhance the allocation value of high dividend yield companies [1]