Investment Rating - The report maintains a "Recommended" rating for Shanxi Coking Coal (000983.SZ) based on expected internal and external growth, as well as a high cash dividend ratio [4]. Core Views - The company's revenue for the first three quarters of 2025 was CNY 27.175 billion, a year-on-year decrease of 17.88%, while the net profit attributable to shareholders was CNY 1.434 billion, down 49.62% year-on-year [1]. - In Q3 2025, the company achieved a revenue of CNY 9.122 billion, a year-on-year decline of 20.84%, but a quarter-on-quarter increase of 1.04%. The net profit for the same period was CNY 420 million, down 52.24% year-on-year but up 26.3% quarter-on-quarter [1][2]. - The company’s gross profit margin in Q3 2025 was 31.74%, showing a year-on-year decrease of 1.55 percentage points but an increase of 2.53 percentage points quarter-on-quarter [1]. Summary by Sections Financial Performance - Q3 2025 total expenses were CNY 1.494 billion, a quarter-on-quarter decrease of 2.03% and a year-on-year decrease of 10.17%. Management expenses were CNY 757 million, down 24.67% year-on-year and 14.29% quarter-on-quarter. Financial expenses increased by 144.4% year-on-year to CNY 310 million [2]. - The report forecasts net profits for 2025-2027 to be CNY 2.029 billion, CNY 2.750 billion, and CNY 3.012 billion respectively, with corresponding EPS of CNY 0.36, CNY 0.48, and CNY 0.53 [4]. Market Outlook - The report indicates that coking coal prices have rebounded since August 2025, with the average price in October rising by CNY 290 per ton compared to July. This price increase is expected to improve the company's performance in Q4 2025 due to tightened supply from stricter safety and environmental inspections [2]. - The company has obtained a mineral resource exploration license for the Lvliang Xing County block, which has coal reserves of 95.2775 million tons and bauxite reserves of 5.56123 million tons. This development is expected to enhance the company's sustainable growth and competitive advantage in the coal industry [3].

Investment Rating - The investment rating for Shanxi Coking Coal is "Buy" with a target price not specified [6] Core Views - The company's Q3 performance showed a sequential improvement due to cost reduction and efficiency enhancement, with a notable decrease in management expenses [1] - The long-term coal price index has seen a decline, impacting the company's performance, but a rebound in prices is expected in Q4 [2] - The company has successfully acquired mining rights in Shanxi, which is anticipated to enhance its coal production capacity and growth potential [3] - Profit forecasts for 2025-2027 have been adjusted upwards, reflecting expected recovery in coal prices and continued growth in the coal business [4] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 27.18 billion yuan, down 17.9% year-on-year, and a net profit of 1.43 billion yuan, down 49.6% year-on-year [1] - In Q3 alone, the company achieved a revenue of 9.12 billion yuan, up 1% quarter-on-quarter, and a net profit of 420 million yuan, up 26.3% quarter-on-quarter [1] - The average long-term contract price index for Q3 was 995 yuan/ton, down 4.1% quarter-on-quarter, while the spot price for coking coal increased by 18.8% [2] - The company’s estimated net profits for 2025-2027 are projected at 1.95 billion, 2.21 billion, and 2.43 billion yuan respectively, with corresponding EPS of 0.34, 0.39, and 0.43 yuan [4] Valuation Metrics - The current P/E ratio is 21.4 for 2025, with projections of 18.9 for 2026 and 17.1 for 2027 [4] - The company’s total market capitalization is approximately 42.29 billion yuan, with a circulating market value of about 34.57 billion yuan [6] - The asset-liability ratio stands at 56.36%, indicating a moderate level of financial leverage [6]

Investment Rating - The report maintains a "Buy" rating for Shanxi Coking Coal [5] Core Views - The company is expected to see a marginal recovery in performance in Q4 2025, with October prices for coking coal showing an increase compared to September [1] - The company possesses significant coal resources, with a total coal reserve of 6.53 billion tons and additional resources acquired recently [2] - Financial projections indicate a decline in net profit for 2025, but a gradual recovery is anticipated in subsequent years [2][4] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 9.122 billion yuan, a year-on-year decrease of 20.84%, and a net profit of 420 million yuan, down 52.24% year-on-year [1] - Revenue projections for 2025 to 2027 are 41.473 billion yuan, 42.067 billion yuan, and 42.849 billion yuan respectively, with corresponding net profits of 2 billion yuan, 2.512 billion yuan, and 2.843 billion yuan [4] Resource Advantages - As of the end of 2024, the company operates 17 mines, with 16 currently producing and one under construction, totaling coal reserves of 6.53 billion tons [2] - Recently acquired exploration rights in Shanxi Province add 0.953 billion tons of coal reserves and additional aluminum and gallium resources [2] Market Conditions - Coking coal prices have shown an upward trend, with long-term contract prices for Shanxi coking coal reaching 1,470 yuan per ton in October, up from 1,400 yuan in September [1] - Supply disruptions in the coal market are noted, particularly due to environmental regulations affecting production in certain regions [1]

Core Viewpoint - Shanxi Coking Coal (000983) reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in the company's financial performance and market conditions [1] Financial Performance - The company achieved an operating income of 9.122 billion yuan in the third quarter, representing a year-on-year decrease of 20.84% [1] - The net profit for the same period was 420 million yuan, reflecting a year-on-year decline of 52.24% [1]

证券代码：000983 证券简称：山西焦煤公告编号：2025-045 关于向山西西山华通水泥有限公司 提供委托贷款的关联交易公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、关联交易概述 1、山西焦煤能源集团股份有限公司（以下简称"公司"或"委 托人"）拟与山西焦煤集团财务有限责任公司（以下简称"财务公司" 或"受托人"）签订《委托代理协议》；公司拟与财务公司和公司的 控股子公司山西西山华通水泥有限公司（以下简称"西山华通"或"借 款人"）签订《委托贷款借款合同》。 西山华通由本公司和华通路桥集团有限公司（以下简称"华通路 桥"）共同出资设立，注册资本36,851万元，其中：本公司出资35,745 万元，占总投资的97%；华通路桥出资1,106万元，占总投资的3%。 为保障西山华通正常的生产经营，公司拟通过财务公司向西山华 通提供委托贷款人民币19,600万元，期限3年，贷款利率3.0%，手续 费按0.01%（人民币1.96万元）由财务公司一次性收取。 2、财务公司属本公司控股股东山西焦煤集团有限责任公司（以 下简称"焦煤集团"）控股子公司，注册资本人 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2025-043 山西焦煤能源集团股份有限公司 第九届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 为提高公司治理水平，根据新《公司法》和《公司章程》的规定，公 司董事会下设审计委员会，董事会选举李玉敏先生、田旺林先生、郝恩磊 先生、胡文强先生、焦宇强先生为公司第九届董事会审计委员会成员，其 中李玉敏先生为会计专业人士，经公司审计委员会选举为主任委员，任期 自本次董事会审议通过之日起至第九届董事会任期届满之日止。以上选聘 人员均为公司第九届董事会现任董事及审计委员会委员，本次选聘完成后 不会对现有董事会和审计委员会人员构成产生影响。 （三）会议以4票同意，0票反对，0票弃权的表决结果通过了《关于 向山西西山华通水泥有限公司提供委托贷款的关联交易的议案》。（详见 公告2025-045） 该议案已经公司独立董事专门会议审议通过。该议案属于关联交易， 根据《深圳证券交易所股票上市规则》规定，公司6名关联董事王强、胡 文强、樊大宏、王慧玲、焦宇强、孟奇回避表决，由公司4名非关联董事 ...

Group 1 - The core viewpoint of the article indicates that Shanxi Coking Coal's third-quarter revenue decreased by 20.84% to 9.122 billion yuan, and net profit fell by 52.24% to 420 million yuan [1] - For the first three quarters, the company's revenue was 27.175 billion yuan, down 17.88%, while net profit dropped by 49.62% to 1.434 billion yuan [1]

Revenue and Profit - Revenue for Q3 2025 was CNY 9,122,011,439.99, a decrease of 20.84% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 420,132,626.97, down 52.24% year-on-year[5] - Basic earnings per share decreased by 52.24% to CNY 0.0740[5] - Total operating revenue decreased to ¥27.18 billion from ¥33.09 billion, a decline of approximately 17.7% year-over-year[22] - Net profit for the period was ¥1.93 billion, down from ¥3.57 billion, representing a decline of approximately 46% year-over-year[22] - Operating profit decreased to ¥2.78 billion from ¥4.65 billion, a drop of around 40.2% year-over-year[23] - Net profit attributable to the parent company shareholders for the current period is ¥1,433,828,358.04, a decrease from ¥2,845,853,393.01 in the previous period, representing a decline of approximately 49.7%[24] - The total comprehensive income for the current period is ¥1,929,632,512.81, down from ¥3,568,808,274.09, indicating a decrease of about 46%[24] - Basic and diluted earnings per share for the current period are both ¥0.2526, compared to ¥0.5013 in the previous period, reflecting a decline of approximately 49.7%[24] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 109,390,908,609.88, a decrease of 0.51% from the end of the previous year[5] - The total assets amounted to ¥109.39 billion, slightly down from ¥109.95 billion[20] - Total liabilities decreased to ¥61.65 billion from ¥63.08 billion, a reduction of approximately 2.3%[20] Cash Flow - Cash flow from operating activities increased by 72.67% to CNY 4,443,680,534.10 year-to-date[5] - Cash flow from operating activities for the current period is ¥4,443,680,534.10, an increase from ¥2,573,581,956.00 in the previous period, showing a growth of about 72.7%[26] - Cash inflow from investment activities is ¥16,464,412.48, significantly lower than ¥213,227,399.10 in the previous period, indicating a decrease of approximately 92.3%[26] - Cash flow from financing activities shows a net outflow of ¥2,328,955,132.17, an improvement compared to a net outflow of ¥6,466,919,683.62 in the previous period[26] - The net increase in cash and cash equivalents for the current period is ¥905,967,740.14, contrasting with a net decrease of ¥5,062,555,870.96 in the previous period[27] - The ending balance of cash and cash equivalents is ¥9,204,472,103.78, down from ¥11,766,592,728.32 in the previous period[27] - The company received cash from sales of goods and services amounting to ¥32,963,384,048.69, a decrease from ¥36,080,908,841.17 in the previous period, representing a decline of approximately 5.8%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 170,570[15] - Shanxi Coking Coal Group holds 57.29% of shares, totaling 3,252,317,230 shares, with 411,979,313 shares pledged[15] - The second largest shareholder is China Industrial and Commercial Bank, holding 1.98% of shares, totaling 112,587,902 shares[15] Receivables and Expenses - Accounts receivable increased by 63.38% to CNY 318,855,000 from the end of 2024[11] - Other receivables rose by 116.11% to CNY 39,080,000 compared to the end of 2024[11] - Financial expenses increased by 76.88% to CNY 78,046,000 due to financing interest expenses[13] - Operating profit decreased by 40.16% to CNY 278,491,000, primarily due to a decline in coal product prices[13] - Total profit decreased by 41.89% to CNY 274,094,000, reflecting the impact of lower coal prices[13] - Research and development expenses were ¥604.68 million, down from ¥747.43 million, indicating a reduction of about 19.1% year-over-year[23] Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters[20] Audit Status - The company has not undergone an audit for the third quarter financial report[28]

第九届董事会独立董事专门会议 2025 年 第四次会议的审查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》及《山西焦煤能源集团股份有限公司章程》，山西焦煤能源集团 股份有限公司（以下简称"公司"）独立董事于 2025 年 10 月 28 日 以通讯方式召开第九届董事会独立董事专门会议 2025 年第四次会 议，就审议事项发表如下审查意见： 关于向山西西山华通水泥有限公司提供委托贷款的关联交易的 审查意见 2025 年 10 月 28 日 1 为保障山西西山华通水泥有限公司正常的生产经营，公司拟通过 财务公司向山西西山华通水泥有限公司提供委托贷款人民币 1.96 亿 元。经审阅拟签订的《委托代理协议》以及《委托贷款借款合同》和 涉及该项关联交易的相关材料，我们认为协议是本着公平、公正、兼 顾各方利益、促进共同发展的原则，在平等自愿的基础上经协商而签 订的，不会损害公司及中小股东利益。 独立董事：李玉敏、邓蜀平、田旺林、郝恩磊 ...

山西焦煤能源集团股份有限公司 董事和高级管理人员所持本公司股份及其变动 管理制度 第三条 董事、高级管理人员就其所持股份变动相关事项作 1 出承诺的，应当严格遵守。 第四条 董事、高级管理人员在买卖本公司股份及其衍生品 种前,应知悉《公司法》《证券法》等法律、法规、规范性法律文 件、《深圳证券交易所股票上市规则》和深圳证券交易所其他相 关规定中关于内幕交易、操纵市场、短线交易、窗口期交易等禁 止行为的规定，不得进行违法违规交易。 公司董事、高级管理人员不得通过任何方式或者安排规避法 律法规、《深圳证券交易所上市公司自律监管指引第 18 号——股 东及董事、高级管理人员减持股份》及深圳证券交易所相关规定。 第二章 股份变动管理 第五条 存在下列情形之一的，公司董事、高级管理人员不 得减持本公司股份： 第一章 总则 第一条 为规范山西焦煤能源集团股份有限公司(以下简称 "公司"或"本公司")董事、高级管理人员买卖公司股票及持股 变动行为，根据《中华人民共和国公司法》(以下简称《公司法》)、 《中华人民共和国证券法》(以下简称《证券法》)、《上市公司董 事和高级管理人员所持本公司股份及其变动管理规则》《深圳证 券交 ...