Investment Rating - The coal mining industry is rated as "Recommended" [7] Core Views - The coal supply-demand relationship continues to optimize under high-temperature conditions, with port coal prices rising and inventory decreasing [4][72] - The production side shows a tightening trend, with a decrease in capacity utilization in Shanxi and a reduction in transportation volumes [4][72] - The demand side is supported by power plants replenishing inventory in anticipation of increased consumption due to high temperatures [4][72] Summary by Sections 1. Thermal Coal - Port coal prices increased to 623 RMB/ton, up 3 RMB/ton week-on-week [4][72] - Inventory at northern ports decreased by 797,000 tons week-on-week [30] - Daily consumption at coastal power plants rose by 80,000 tons week-on-week [24][72] 2. Coking Coal - Supply of coking coal has improved, with capacity utilization rising by 1.04 percentage points [5][41] - Coking coal prices at ports remained stable, with the average price at 1,230 RMB/ton [42] - Coking coal inventories at production enterprises decreased by 586,200 tons week-on-week [47] 3. Coke - Coking enterprises are experiencing a decline in production rates due to rising costs from coking coal prices [50] - The average profit per ton of coke is approximately -46 RMB, indicating a decrease in profitability [54] - Steel mills are replenishing raw material inventories, leading to a reduction in coke inventories [62] 4. Anthracite - Anthracite prices remained stable, with the price at 820 RMB/ton [68] - Demand from non-electric sectors remains weak, with procurement primarily focused on long-term contracts [68] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report highlights the strong cash flow and asset quality of leading coal companies, emphasizing their investment value [7][8]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The current profitability of the coal industry is better than that before the supply-side reform in 2016, but coking coal profitability is lower than thermal coal, indicating a stronger necessity for reform [7][8]. - The "anti-involution" measures in the coal industry are expected to primarily involve production limits and capacity exits, which could raise the price baseline in a favorable demand environment. However, the current demand pressure is greater than in 2016 [6][7]. - Short-term price elasticity may be limited due to high inventory and suppressed demand, but unexpected demand improvements could lead to price rebounds [6][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 1.67%, outperforming the CSI 300 index by 0.13 percentage points, ranking 11th out of 32 industries [21]. - As of July 4, the market price for Qinhuangdao thermal coal was 623 RMB/ton, a weekly increase of 3 RMB/ton [21]. Thermal Coal Analysis - Daily coal consumption in 25 provinces reached 573.3 million tons, a week-on-week increase of 3.3% [22]. - The inventory of power plants was 125.22 million tons, with a usable days count of 21.8 days, a decrease of 0.4 days week-on-week [22]. Coking Coal Analysis - The price for main coking coal at Jingtang Port was stable at 1230 RMB/ton as of July 4 [21]. - Coking coal inventory increased by 0.55% week-on-week, indicating a need to monitor supply recovery and seasonal demand [22][53]. Investment Recommendations - Recommended stocks include long-term stable profit leaders such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - Growth-oriented companies include Electric Power Investment and New Hope Liuhe, while flexible growth stocks include Yanzhou Coal Mining and Huayang Co [8].

Group 1 - The company has approved the profit distribution plan for the fiscal year 2024, which allocates 40.19% of the consolidated net profit attributable to shareholders to all shareholders based on a total share capital of 5,677,101,059 shares as of the equity registration date [1][2] - The profit distribution will be implemented with a tax-inclusive approach, where different tax rates apply based on the type of shareholder and their holding period [1][2] - The equity registration date for the profit distribution is set for July 10, 2025, and the ex-dividend date will follow [1][2] Group 2 - The distribution will be directly credited to the shareholders' accounts through their custodial securities companies on July 11, 2025 [2] - The distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the registration date [2] - The company assumes all legal responsibilities for any insufficient cash dividends distributed by the China Securities Depository and Clearing Corporation Limited [2]

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].

证券研究报告 ·公司深度报告 类型：首次覆盖 评级：谨慎推荐 当前价格：6.50 （2025.6.11） 0.4 0.6 0.8 1 1.2 1.4 山西焦煤 沪深300 历史股价走势图 数据来源：wind 公司基本数据 52周内股价区间：5.97-11.43 总市值（亿元）：369.01 流通市值（亿元）：3061.01 总股本（亿股）：56.77 分析师介绍 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 E—mail ： liuyongfang@dtsbc.com.cn 地址：山西太原长治路 111 号 山 西世贸中心A座F12、F13 网址:http://www.dtsbc.com.cn 背靠集团根基，崛起焦煤龙头。山西焦煤是我国最具影响力的炼焦煤生 产企业之一，其控股股东为山西焦煤集团，最终由山西省国资委实际控 制。公司在 2023 年关停西山煤气化，转型开展配煤业务，2025 年关停 西山热电发电机组，并先后收购临汾尧都区 13 个煤矿、华晋焦煤 51%股 权等，以及竞得吕梁市兴县区块煤炭及共伴生铝土矿探矿权，通过淘汰 落后产能和整合资源，打造焦煤龙头企业。 聚焦煤炭 ...