证券代码：000983 证券简称：山西焦煤 公告编号：2025-029 山西焦煤能源集团股份有限公司 1、山西焦煤能源集团股份有限公司（以下简称"公司"或"本 公司"）2024 年度利润分配方案已获 2025 年 5 月 27 日召开的公司 2024 年年度股东大会审议通过，股东大会决议公告刊登于 2025 年 5 月 28 日的《证券时报》《中国证券报》《上海证券报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）。2024 年度利润分配方案为： 以公司股权登记日总股本 5,677,101,059 股为基数，向全体股东每 10 股派现金股利人民币 2.2 元（含税），共计 1,248,962,232.98 元， 占 2024 年度合并报表归属于上市公司股东净利润的 40.19%。若在实 施权益分派股权登记日之前，公司总股本发生变动的，公司拟维持分 配总额不变，相应调整每股分配比例。 2、自 2024 年度利润分配方案披露至实施期间，公司股本总额未 发生变化。 3、本次实施的利润分配方案与股东大会审议通过的分配方案一 致。 4、本次实施利润分配方案距离股东大会审议通过的时间未超过 两个月。 二 ...

山西焦煤能源集团股份有限公司公司债券 2024 年度受托管理事务报告 山西焦煤能源集团股份有限公司 （住所：山西省太原市西矿街 318 号） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 重要声明 二〇二五年六月 一、受托管理的公司债券（含企业债券）概况 截至 2024 年（以下简称"报告期"）末，山西焦煤能源集团股份有限公司 发行且存续的由中信建投证券担任受托管理人的债券包括：22 焦能 01（以下简 称"本期债券"），债券具体情况见下表： 二、受托管理人履职情况 报告期内，受托管理人依据《管理办法》《执业行为准则》、上市规则和其 他相关法律、法规、规范性文件及自律规则的规定以及《受托管理协议》的约定， 持续跟踪发行人的资信状况、信用风险状况、募集资金使用情况、公司债券本息 偿付情况、偿债保障措施实施情况等，并督促发行人履行公司债券募集说明书、 受托管理协议中所约定的义务，积极行使债券受托管理人职责，维护债券持有人 的合法权益。 3 债券代码 149765.SZ 债券简称 22 焦能 01 债券名称 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) 债券期限 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent strong rebound in coking coal futures is attributed to a combination of supply contraction and improved demand fundamentals, although medium to long-term price pressures may persist if demand does not see significant positive changes [2][7]. - The coal index (Yangtze) increased by 1.68% this week, underperforming the CSI 300 index by 0.27 percentage points, ranking 25th out of 32 industries [19]. - Coking coal prices are supported by supply tightening due to safety inspections and environmental regulations, while demand remains stable due to steel production [6][20]. Summary by Sections Coking Coal Market - Coking coal futures saw a weekly increase of 6.34%, closing at 848 CNY/ton, significantly outperforming other commodities in the coal-steel-mining chain [7][14]. - Supply-side factors include reduced production from safety checks and environmental inspections, leading to a 0.53% week-on-week decrease in weekly refined coal output [7][20]. - Demand remains stable, with average daily pig iron production from 247 steel mills at 2.4229 million tons, showing a slight increase of 0.05% week-on-week [7][20]. Investment Recommendations - The report suggests marginal allocation to long-term stable profit leaders such as China Coal Energy (A+H), China Shenhua (A+H), and Shaanxi Coal and Chemical Industry [8]. - For growth-oriented investments, Electric Power Investment and New集 Energy are recommended, while coking coal companies like Shanxi Coking Coal, Huaibei Mining, and Pingdingshan Coal are highlighted for their potential [8]. Price Trends - As of June 27, the market price for Qinhuangdao 5500 kcal thermal coal is 620 CNY/ton, reflecting an increase of 11 CNY/ton week-on-week [19][42]. - The main coking coal price at Jingtang Port remains stable at 1230 CNY/ton, while the price for first-grade metallurgical coke is 1280 CNY/ton, unchanged from the previous week [19][20].

山西焦煤能源集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 1596 号 山西焦煤能源集团股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 26 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或 ...

Core Viewpoint - The company is expected to outperform the industry in terms of coal prices due to its high-quality coking coal resources, despite a significant decline in sales driven by lower downstream demand [1]. Financial Performance - The company maintains a "Buy" rating, with projected total revenue of 45.29 billion yuan in 2024, a year-on-year decrease of 18.43%, and a net profit attributable to shareholders of 3.11 billion yuan, down 54.1% [2]. - In Q1 2025, total revenue is expected to be 9.03 billion yuan, a year-on-year decrease of 14.46%, with a net profit of 681 million yuan, down 28.33% [2]. - Earnings per share (EPS) estimates for 2025-2027 are 0.54, 0.59, and 0.66 yuan respectively, with a target price of 7.5 yuan based on a 14x PE valuation for 2025 [2]. Production and Sales - In 2024, raw coal production is projected to increase slightly to 47.22 million tons, a year-on-year growth of 2.47%, while total coal sales are expected to drop significantly to 25.60 million tons, a decrease of 20% [3]. - Specific sales figures include: raw coal sales of 1.22 million tons (up 56.41%), coking coal sales of 5.89 million tons (down 20.30%), and mixed coal sales of 7 million tons (down 35.13%) [3]. Pricing and Cost Management - The average selling price of the company's coal is expected to decline by 5.43% to 1,037.23 yuan per ton, which is better than the industry average decline of 11.42% for main coking coal prices [4]. - The company demonstrated strong cost control with operating costs in Q1 2025 down 17.51% year-on-year and 27% quarter-on-quarter, alongside a period expense ratio of 12.15% [4]. Future Growth Potential - The company announced a successful bid for exploration rights in Shanxi, acquiring coal and associated bauxite resources with a total coal reserve of 952.78 million tons and planned production capacity of 8 million tons per year [4].

Core Viewpoint - The article highlights the implementation of a "five-level" grid management system by Yixing Coal Industry, which enhances the connection between party members and employees, leading to improved operational efficiency and employee satisfaction [2][11]. Group 1: Party Organization and Employee Engagement - Yixing Coal Industry has established a comprehensive grid management system with 260 party members serving over 1,000 employees, enhancing the effectiveness of party leadership and employee services [2][5]. - The "five-level" response mechanism was activated to address employee needs, resulting in the upgrade of labor protection supplies within a week [3][5]. - The party organization actively engages with employees to understand their concerns, leading to a 75% conversion rate of collected suggestions into actionable measures [5][11]. Group 2: Operational Efficiency and Cost Management - The company has implemented over 40 cost-saving measures, resulting in a reduction of operational costs by more than 4 million yuan in the first quarter [5]. - Inventory turnover efficiency improved by 132% due to the reduction of material review cycles from monthly to bi-weekly, with an expected annual inventory decrease of 9% [5]. - Equipment management has been optimized, leading to an 8.9% increase in equipment uptime and a 12.3% reduction in maintenance costs [6]. Group 3: Safety and Innovation - The establishment of safety responsibility zones and demonstration posts by party members has led to a 45% decrease in safety violations in the first quarter [6][8]. - Innovations such as the development of a pneumatic brake device have improved transportation efficiency by 15% and resulted in a national patent [8]. - The integration of party activities with operational tasks has fostered a culture of safety and efficiency among employees [8][12]. Group 4: Community and Employee Welfare - The party organization has facilitated job opportunities for employees' children, demonstrating a commitment to community welfare [9]. - Upgrades to tools and equipment have significantly reduced work time and improved safety for employees [9]. - The initiative has fostered a sense of pride and responsibility among younger employees, encouraging them to take proactive steps in their work [9].

Investment Rating - The report gives a cautious recommendation for the company [1] Core Views - Shanxi Coking Coal is one of the most influential coking coal producers in China, backed by the Shanxi Coking Coal Group, which is controlled by the Shanxi Provincial State-owned Assets Supervision and Administration Commission. The company is focusing on resource integration and eliminating outdated production capacity to strengthen its leading position in the coking coal industry [3][11] - The company is actively expanding its business in electricity and coke, forming a diversified industrial structure that includes coal, electricity, coke, chemicals, and materials. Despite a decline in sales volume due to market conditions, the company maintains a stable cash flow from its electricity and heat products [4][25] Company Overview - Shanxi Coking Coal has a total market capitalization of 369.01 billion yuan and a circulating market capitalization of 306.1 billion yuan. The company has a total share capital of 5.677 billion shares, with a 52-week stock price range of 5.97 to 11.43 yuan [3][4] - The company has 17 mines with a coal resource reserve of 6.53 billion tons, with 16 mines currently in production and one under construction [23][24] Business Operations - The company reported a revenue of 452.90 billion yuan in 2024, a decrease of 18.43% year-on-year, and a net profit of 31.08 billion yuan, down 54.10% year-on-year. The decline is attributed to a reversal in the coal market supply-demand dynamics, leading to a significant drop in coal prices [37][45] - The gross profit margin for 2024 was 31.38%, which, while lower than previous years, remains competitive compared to peers in the industry [4][39] Future Outlook - The supply of coking coal is expected to continue to decline, with domestic production decreasing and imports remaining stable. The demand side is currently weak, but government efforts to stabilize the real estate market may lead to a recovery in demand [5][64] - Revenue forecasts for 2025-2027 are projected at 424.52 billion yuan, 432.59 billion yuan, and 449.42 billion yuan, respectively, with corresponding EPS of 0.46, 0.58, and 0.64 yuan per share [5]

仲夏时节，山西焦煤霍州煤电（以下简称"霍州煤电"）百里矿区漫溢着生态律动—— 霍州煤电将生态环保融入基层治理的"神经末梢"，《生态环境保护规划》《碳达峰行动方案》等纲领性文件相继出台，5项基础制度、 15项专项制度构成的"5+15"环保制度矩阵全面落地，各项具体任务压实到岗，构建起"集团统筹—矿厂主责—班组落实"三级责任体系。 "清库存、补短板、抓专项、控舆情、强应急"五大防线环环相扣；全流程环境考核标准细化到每个监测数据，督导流程规范如精密钟 表……亮点纷呈的监管机制，亦推动治理效能节节攀升。 李雅庄矿的矸石山在阳光中舒展新绿，顶部蔬菜种植区的甘蓝苗破土而出，刷白养护的杨树沿坡列阵，西南侧截排水渠修缮有序，雨 季前将筑起坚固的防洪屏障；吕临能化庞庞塔矿的矿井水处理站里，监测点位组成的"数字化监管网络"闪烁蓝光，中控系统实时记录着浊 水变清流的蜕变；辛置矿等多家单位的矿区上空，无人机搭载热成像设备低空巡航，精准捕捉矸石山隐蔽热源…… 锚定山西焦煤"全力打造国际炼焦煤市场领军级企业"的战略目标，今年以来，根据山西焦煤"10436"生态环保工作路径，明确了霍州煤 电"11336"生态环保工作思路，以系统思维重塑发 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Group 1 - The coal sector experienced initial fluctuations but moved higher, with Dayou Energy (600403) hitting the daily limit up [1] - Shanxi Coking Coal (000983), Zhengzhou Coal Electricity (600121), Jinkong Coal Industry (601001), and Shaanxi Black Cat (601015) all saw increases in their stock prices [1]