Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's Coal Segment - **Current Status**: The coal segment is in structural decline due to the energy transition, with thermal coal facing slight oversupply while coking coal is broadly balanced for the year [1][4] Core Insights - **Thermal Coal**: - Demand is expected to decline by approximately 1% YoY to around 4.17 billion tons (bnt) in 2025, driven by a 2.5% drop in power-sector coal consumption and a 6% decrease in construction-related consumption [3][19] - Total thermal coal supply is projected to increase by about 1% YoY to 4.3 billion tons in 2025, despite a 12% YoY drop in imports [3][18] - The average price of thermal coal has corrected by 22% YoY, with domestic prices hitting lows of RMB 677 per ton [18] - **Coking Coal**: - Supply is expected to remain flat at approximately 592 million tons (mnt) in 2025, with demand also flat at 591 mnt, supported by stable pig iron production [4][22] - The market is expected to face rising supply pressure in the coming years, despite current balance [4] Policy Context - **Regulatory Environment**: The current industry backdrop is different from the 2015 supply-side reform, with fewer loss-makers and greater consolidation. The share of output from large, advanced mines has increased, making broad cuts unlikely [2][16] - **Safety and Environmental Checks**: Supply discipline is more likely to come from tighter safety and environmental checks rather than blanket quotas [2][16] Stock Implications - **Investment Ratings**: - Shenhuo Coal & Power initiated at Overweight (OW) due to strong aluminum contributions [6][26] - Shenhua (H) remains OW, while Yankuang H is moved to Equal Weight (EW) and Yancoal Australia to Underweight (UW) [6][10] - China Coal (A) is rated UW, reflecting a weaker outlook [6][10] Risks and Opportunities - **Key Risks**: Implementation of anti-involution measures could lead to deeper production cuts, driving prices up for both thermal and coking coal [5][28] - **Other Risks**: Stricter inspections could lead to material supply reductions, while stronger-than-expected thermal power demand could increase coal demand [31] Additional Insights - **Market Preferences**: Coal is ranked lower among commodities, with preferences for copper, aluminum, and steel over coal [24] - **Dividend Yields**: Coal producers typically offer high dividend payouts, around 5%, which may attract yield-focused investors despite the structural downturn [27] Conclusion - The coal industry in China is navigating a complex landscape marked by declining demand, regulatory scrutiny, and shifting market dynamics. While coking coal remains relatively balanced, thermal coal faces significant challenges. Investment strategies should consider the potential for regulatory impacts and the overall commodity landscape.

山西焦煤公告，所属山西汾西矿业集团水峪煤业有限责任公司于2025年8月28日发生一起安全生产事 故，造成一人遇难。目前水峪煤业已停产，相关政府部门正在事故调查中。水峪煤业年核定产能400万 吨，占发行人核定总产能的8.18%。本次停产对发行人经营数据的具体影响以经审计的财务报告为准。 ...

关于 山西焦煤能源集团股份有限公司 所属水峪煤业停产的 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 临时受托管理事务报告 债券简称：22 焦能 01 债券代码：149765.SZ 债券受托管理人 2025 年 9 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、山西焦煤能源集团股份有限公司就存续公司债券与受托管理人签署的 受托管理协议（以下简称"《受托管理协议》"）及其它相关信息披露文件以及 山西焦煤能源集团股份有限公司（以下简称"发行人"或"公司"）出具的相关 说明文件和提供的相关资料等，由受托管理人中信建投证券股份有限公司（以下 简称"中信建投证券"或"受托管理人"）编制。中信建投证券编制本报告的内 容及信息均来源山西焦煤能源集团股份有限公司提供的资料或说明。 中信建投证券作为山西焦煤能源集团股份有限公司2022年面向专业投资者 公开发行公司债券（第一期）的受托管理人，根据《公司 ...

Company Overview - Shanxi Coking Coal Energy Group Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on April 26, 1999, with its listing date on July 26, 2000. The company primarily engages in coal production, washing, processing, sales, power generation, and mining development [2] - The revenue composition of the company includes coal (57.58%), electricity and heat (17.42%), coke (17.30%), other coking products (5.88%), other income (1.67%), and construction materials (0.15%) [2] - The company belongs to the coal mining industry, specifically focusing on coking coal, and is part of various concept sectors including thermal coal, Shanxi state-owned assets, coal chemical industry, scarce resources, and MSCI China [2] Financial Performance - As of August 10, 2025, Shanxi Coking Coal reported a revenue of 18.053 billion yuan for the first half of the year, a year-on-year decrease of 16.30%. The net profit attributable to shareholders was 1.014 billion yuan, down 48.44% year-on-year [2] - The company has cumulatively distributed 23.815 billion yuan in dividends since its A-share listing, with 12.603 billion yuan distributed over the past three years [3] Stock Market Activity - On September 3, the stock price of Shanxi Coking Coal fell by 2.01%, trading at 6.81 yuan per share, with a total market capitalization of 38.661 billion yuan [1] - The stock has experienced a decline of 15.09% year-to-date, with a 5.29% drop over the last five trading days and an 8.10% decrease over the last 20 days, although it has increased by 8.44% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 22, where it recorded a net purchase of 1.02 billion yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Shanxi Coking Coal was 164,400, a decrease of 1.80% from the previous period, with an average of 28,216 circulating shares per shareholder, an increase of 1.83% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 79.5034 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and Guotai CSI Coal ETF, which have increased their holdings [3]

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.38% as of September 2, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Chongqing Rural Commercial Bank (601077) up by 3.45%, Shanghai Rural Commercial Bank (601825) up by 2.97%, and China Merchants Bank (600036) up by 2.22% [1] - The National Enterprise Dividend ETF (159515) was adjusted downwards, with the latest price at 1.14 yuan [1] Group 2 - The National Enterprise Dividend ETF reached a new high in size at 51.2135 million yuan and a new high in shares at 44.7866 million shares in the past month [1] - China Galaxy Securities predicts a volatile upward trend in the A-share market, emphasizing the appeal of dividend assets with high safety margins and low valuations in the current market environment [1] - Everbright Securities highlights the irreplaceable value of dividend assets as core assets in the A-share market, especially with many companies implementing profit distribution plans for the 2024 fiscal year [1] Group 3 - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with China COSCO Shipping Holdings (601919) being the highest at 2.36% [2][4]

2025 年Q2 业绩下滑，主要是煤价下跌。当前煤炭行业的供给侧收紧成为投资主题，随着反内卷政策的 落实，2025 年三季度焦煤期货收盘均价1074 元/吨，环比Q2+24.7%，主焦煤港口均价1528 元/吨，环比 Q2+16.2%。当前焦煤需求维持高位，煤炭供需格局或有所好转，未来也可展望对于进口煤的限制。 2025 年中报公司每股派发现金股利0.036 元（ 含税） ， 共计派发204,375,638.12 元，全部为现金分红， 占2025 半年度归母净利润20.16%，对应8 月29 股息率0.5%。 事件：公司发布2025 年中报，2025 年H1 公司实现营业收入181 亿元，同比-16.3%；实现归母净利润 10.14 亿，同比-48.44%。2025 年Q2 公司实现营业收入90.28 亿元，同比下降18.06%；实现归母净利润 为3.33 亿元，同比下降67.26%。 煤炭业务：2025 年H1 公司实现煤炭收入104 亿元，同比-13.48%；公司实现煤炭成本54.5 亿元，同 比-0.82%，毛利方面，公司实现煤炭毛利49.4 亿元，同比-24.15% 电力热力业务：2025 年H1 电 ...

2025年8月28日 - 9月1日，山西焦煤举行分析师会议，接受了包括中信证券在内的45家机构调研。本次 会议聚焦公司上半年业绩、成本控制、煤矿盈亏、非煤板块举措、利润分配及未来产量提升等关键问 题。 据了解，本次投资者关系活动类别为分析师会议，采用现场 + 网络形式，地点位于山西焦煤能源集团 股份有限公司19层会议室。参与人员包括公司董事会秘书王洪云、证券事务代表岳志强、财务部部长李 贵林，以及中信证券、长江证券等45家机构人员。 在交流环节，公司介绍了2025年上半年业绩情况：实现营业收入180.5亿元，同比下降16.3%；归母净利 润10.1亿元，同比下降48.4%；扣非后归母净利润10.3亿元，同比下降45.4%。同时，公司向全体股东每 10股派现金股利人民币0.36元（含税），共计分配利润204,375,638.12元，不实施资本公积转增股份。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整 ...

| | 设备维护、人员配置等多 方面入手，降低单位生产成本，商品煤单 | | --- | --- | | | 位成本在上半年得到有效控制。公司全年力争压降成本约 10%。 | | | 问题 3.在上半年焦煤市场价格的低谷时期，公司大概哪些煤矿 | | | 出现亏损？ | | | 公司共有 17 座煤矿，上半年临汾地区的整合煤矿出现亏损，母 | | | 公司所属的煤矿利润同比下降。可以看出，规模小、成本高的煤矿 | | | 效益明显下降。 | | | 问题 4.公司电力板块毛利率显著提升。请问公司采取了哪些措 | | | 施改善非煤板块的业绩？ | | | 公司一是通过关停所属控股子公司山西西山热电有限责任公司 | | | 的发电机组，止住出血点。二是加强燃料管控，压降燃煤成本。三 | | | 是主动适应电力市场化改革，找准市场定位，对冲市场风险。 | | | 问题 5.公司首次披露了半年度的利润分配方案，后续还会有什 | | | 么举措吗？ | | | 公司牢固树立投资者回报意识，积极响应国家分红政策和投资 | | | 年以来再次实施中期分红，提高投资者尤 者的合理利益诉求，2008 | | | 其是中小股东 ...

Group 1 - The core index, the CSI State-Owned Enterprises Dividend Index (000824), experienced a decline of 0.21% as of September 1, 2025, with mixed performance among constituent stocks [1] - Notable gainers included COFCO Sugar (600737) with a 10% limit up, Luxi Chemical (000830) rising by 6.74%, and Western Mining (601168) increasing by 3.75% [1] - The National Enterprise Dividend ETF (159515) underwent a downward adjustment, with the latest price at 1.14 yuan [1] Group 2 - The CSI State-Owned Enterprises Dividend Index is composed of 100 listed companies selected for their high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with significant contributors including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The ETF has seen a recent increase in scale, growing by 517.46 million yuan over the past week, and an increase of 5.4 million shares in the same period [1][2] Group 3 - High dividend strategies are characterized by returns from both capital gains and dividend income, focusing on mature lifecycle companies with strong profitability and cash flow [2] - The positive cycle of stable earnings, continuous dividends, and enhanced return on equity (ROE) supports the high success rate of these strategies [2] - The recent decline in the overall dividend yield of the Wind All A Index is attributed to rising stock prices and elevated valuations, which dilute the dividend yield [1][2]