证券代码：000983 证券简称：山西焦煤 公告编号：2026-002 山西焦煤能源集团股份有限公司 2025 年度业绩预告 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向下降 50%以上 情形 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利：97,126万元-135,831万元 | 盈利：310,803万元 | | 股东的净利润 | 比上年同期下降：56.30%-68.75% | | | 扣除非经常性损 | 盈利：90,795万元-129,500万元 | 盈利：301,540万元 | | 益后的净利润 | 比上年同期下降：57.05%-69.89% | | | 基本每股收益 | 盈利：0.1711元/股-0.2393元/股 | 盈利：0.5475元/股 | 三、业绩变动原因说明 二、与会计师事务所沟通情况 公司 2025 年度业绩下降的主要原因：一是由于国内煤炭市场供 需呈现宽松态势，煤炭价格弱势运行，公司煤炭产品销售价格同比 下降明显。同时第四季度受采掘衔接及 ...

Summary of Shanxi Coking Coal Conference Call Industry Overview - The coking coal market in 2025 faces significant challenges, with local prices in Shanxi dropping nearly 60% [2][3] - The decline in coal prices is attributed to increased imports of metallurgical coal from Mongolia and Russia, which have filled domestic supply gaps, leading to an oversupply situation [2][6] - Market sentiment has also contributed to the price drop, as companies are hesitant to purchase amid falling prices [6] Company Performance - Shanxi Coking Coal's pricing mechanism adjustment on July 1, 2025, set the minimum price for primary coking coal at 1,170 CNY/ton, while the market price was around 1,100-1,150 CNY/ton [2][5] - The company reported a coal production of approximately 46 million tons in 2025, slightly below the planned target, with a coking coal output of about 11.62 million tons and a sales volume close to 99% [4][12] - The company’s dividend policy has been influenced by regulatory encouragement for multiple dividends, with a minimum payout ratio of 30% set for the next three years, and a 40% payout ratio for 2025 [4][11] Price Dynamics - In January 2026, primary coking coal prices are expected to fluctuate around 1,500 CNY, but the steel industry perceives this price as potentially high, necessitating further observation of market trends [3][5] - The relationship between steel production costs and coking coal prices is critical, as coking coal accounts for about 30% of steel production costs [10] Market Challenges - The potential for further price declines in 2026 exists, particularly if iron ore prices rise, which could squeeze steel industry profits and subsequently reduce demand for coking coal [7][10] - The influx of Mongolian metallurgical coal continues to exert pressure on domestic prices, with historical data showing a shift from Australian coal to Mongolian and Russian supplies due to geopolitical factors [8][9] Operational Insights - The company has implemented an 80% long-term performance rate strategy to manage inventory, adjusting sales channels in response to market demand fluctuations [16] - The development of new mining blocks is ongoing, with an expected annual output of 8 million tons of raw coal, excluding bauxite mining [17] Financial Outlook - The profitability of Shanxi Coking Coal's electricity business in 2025 remains uncertain, with some plants performing well while others face operational challenges [18] - The expected electricity price for 2026 is projected to remain stable, with a potential price of around 0.31 CNY per kWh [18]

Core Insights - The coal industry is undergoing a significant restructuring on the supply side, with policies aimed at controlling coal consumption in power generation and coal-to-gas projects, leading to a tighter supply environment. The emphasis on high-quality and compliant production capacity is expected to increase [4][6][10] - Demand for coal remains stable, driven by resilient electricity consumption and growth in the coal chemical sector, particularly in coal-to-oil and coal-to-olefins projects. Overall coal demand is projected to see slight growth in 2026 [4][6][10] - Investment recommendations include focusing on growth-oriented companies such as TBEA, Jinkong Coal, Huayang Co., Xinjie Energy, Huaihe Energy, and Yancoal Energy, as well as stable dividend-paying companies like China Shenhua, Shaanxi Coal, and China Coal Energy [4][10] - Contrary to common perceptions, the report argues that coal will maintain its strategic importance in energy supply, with a robust demand foundation supporting the industry's fundamentals. The cash-generating nature of the coal sector is expected to strengthen, with coal prices likely to remain at reasonable high levels, enhancing profitability and dividend capacity [4][10] Supply Side Analysis - The domestic coal production growth rate is slowing, with December 2025 coal production at 4.37 million tons, a year-on-year decrease of 1.0%. The overall production for 2025 is projected at 48.32 billion tons, a 1.2% increase year-on-year [22][24] - The report highlights that the supply-demand balance is tightening, with significant policy changes and production adjustments in key coal-producing regions [4][6][10] Demand Side Analysis - Industrial coal demand is showing a steady increase, while thermal power demand is experiencing temporary pressure. The chemical sector is emerging as a new growth driver, with coal consumption in chemical industries growing by 7% year-on-year in December [4][10] - The report indicates that the overall coal consumption is expected to stabilize and achieve slight growth in 2026, supported by ongoing electricity demand [4][10] Key Events and Policy Changes - Recent policy changes include the implementation of stricter safety regulations and the introduction of export tariffs by Indonesia, which are expected to impact global coal supply dynamics [6][10] - The report notes the establishment of a new coal transportation base in Guazhou, which is expected to enhance coal distribution efficiency and support national energy security [6][10] Price Dynamics - The seasonal adjustment of national railway freight rates is expected to influence coal price volatility, with price movements likely to accelerate during periods of freight rate adjustments [10] - The report anticipates that coal prices will rebound, particularly in the peak demand season, driven by improved demand and operational conditions [10]

图片来 2025年6月，山西焦煤集团有限责任公司原党委副书记杨根贵被开除党籍。经查，杨根贵丧失理想信 念，背弃初心使命，违反组织原则，不按规定报告个人有关事项，在职务调整中为他人谋取利益并收受 财物；廉洁底线失守，收受礼金，接受可能影响公正执行公务的宴请和旅游安排，退休后违规接受聘任 并获取报酬；违规为有关企业提供担保；利用职务便利为他人在工程承揽、工程款结算等方面谋利，并 非法收受巨额财物。 源：山西广播电视台专题片《护航》 经查，杨新华理想信念丧失，纪法底线失守；无视中央八项规定精神，接受可能影响公正执行公务的宴 请和旅游活动安排；违背组织原则，不按规定报告个人有关事项，在职务调整中为他人谋取利益并收受 财物；廉洁底线失守，收受礼金，违规兼职取酬；对国有企业违规提供担保负有重要领导责任，利用职 务便利为他人在业务承揽、款项结算等方面谋利，并非法收受巨额财物。 杨新华严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律、生活纪律，构成严重职务违法并涉嫌 受贿犯罪，且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产 党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政 ...

Core Viewpoint - The investigation into Yang Xinhua, former deputy general manager of Shanxi Coking Coal Group, reveals serious violations of discipline and law, leading to severe disciplinary actions and potential criminal charges [1] Group 1: Investigation Findings - Yang Xinhua lost his ideals and beliefs, failing to uphold the bottom line of discipline and law [1] - He ignored the spirit of the Central Eight Regulations, accepting meals and travel arrangements that could influence the impartial execution of duties [1] - Yang violated organizational principles by not reporting personal matters as required and sought benefits for others during job adjustments while accepting bribes [1] Group 2: Disciplinary Actions - Yang was found to have serious violations of political, organizational, integrity, work, and lifestyle disciplines, constituting severe job-related illegalities and suspected bribery [1] - The decision was made to expel Yang from the Party, cancel his benefits, confiscate his illegal gains, and transfer his suspected criminal activities to the prosecution for legal review [1]

证券日报网讯1月28日，山西焦煤（000983）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东户数为154463户。 ...

从资金流向上来看，当日煤炭开采板块主力资金净流入7.96亿元，游资资金净流出5252.34万元，散户资 金净流出7.44亿元。煤炭开采板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600157 | 永泰能源 | 2.71亿 | 10.66% | -1.42 乙 | -5.56% | -1.30 Z | -5.10% | | 600348 | 天明服务 | 1.26 Z | 14.12% | -7234.67万 | -8.08% | -5408.74万 | -6.04% | | 000983 山西焦煤 | | C 1.01亿 | 8.62% | 1546.92万 | 1.32% | -1.16 Z | -9.94% | | 601225 | 陕西煤业 | 8144.38万 | 3.72% | 1.06亿 | 4.82% | -1.87 亿 | -8.54% | | 601898 中煤能源 | ...

Core Viewpoint - The energy sector, particularly oil and coal, is experiencing significant upward momentum, with substantial capital inflows into energy ETFs, indicating strong investor interest and potential for growth [1][3]. Group 1: Market Performance - As of January 28, energy ETFs (159930) surged by 3.36%, attracting over 94 million yuan in capital, marking a total net inflow of over 200 million yuan over the past five days [1]. - Key stocks within the energy ETF saw varied performance, with China National Offshore Oil Corporation and Jereh Group both rising over 7%, while Shanxi Coking Coal and China Petroleum also posted gains [2][3]. Group 2: Component Stocks - The top ten component stocks of the energy ETF include: - China National Petroleum (3.16% increase, 15.06% weight) - China Shenhua Energy (1.43% increase, 14.26% weight) - China Petroleum & Chemical Corporation (0.16% increase, 12.09% weight) - Shaanxi Coal and Chemical Industry (2.76% increase, 10.82% weight) - Other notable stocks include Jereh Group and Shanxi Coking Coal, both showing significant gains [4]. Group 3: Oil Market Insights - According to Huatai Securities, geopolitical factors have led to a rebound in oil prices during the off-season, with Brent crude oil prices expected to average $65 per barrel by mid-2026, up from a previous estimate of $62 [5]. - The report suggests that energy companies with the ability to increase production and reduce costs may present attractive investment opportunities as oil prices stabilize [5]. Group 4: Coal Market Insights - According to Kaiyuan Securities, coal prices are at historical lows, providing room for a rebound, especially with supply-side policies constraining production and increased demand during the heating season [6]. - The report indicates that both thermal and coking coal prices have upward elasticity, with the coal sector poised for improvement as the market conditions shift [6].

Core Viewpoint - The report highlights the growth trends in China's coke industry, projecting a steady increase in production and emphasizing the importance of strategic investment in this sector [1]. Industry Overview - According to the National Bureau of Statistics, China's coke production in December 2025 is expected to reach 40 million tons, reflecting a year-on-year growth of 1.9% [1]. - The cumulative coke production in China for the year 2025 is projected to be 500 million tons, with a cumulative growth rate of 2.9% [1]. Companies Involved - Listed companies in the coke industry include International Industry (000159), Meijin Energy (000723), Blue Flame Holdings (000968), Shanxi Coking Coal (000983), Changchun Gas (600333), Antai Group (600408), and Yunwei Co., Ltd. (600725) [1]. Research Report - The report titled "Investment Strategy Analysis and Development Prospects of China's Coke Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1].

沪指1月27日上涨0.18%，申万所属行业中，今日上涨的有8个，涨幅居前的行业为电子、通信，涨幅分 别为2.27%、2.15%。跌幅居前的行业为煤炭、农林牧渔，跌幅分别为2.27%、1.95%。煤炭行业位居今 日跌幅榜首位。 资金面上看，两市主力资金全天净流出463.99亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.27%，全天净流入资金89.01亿元，其次是通信行业，日涨幅为 2.15%，净流入资金为43.08亿元。 主力资金净流出的行业有26个，有色金属行业主力资金净流出规模居首，全天净流出资金145.23亿元， 其次是电力设备行业，净流出资金为113.67亿元，净流出资金较多的还有医药生物、基础化工、计算机 等行业。 煤炭行业今日下跌2.27%，全天主力资金净流出7.33亿元，该行业所属的个股共37只，今日上涨的有1 只；下跌的有35只。以资金流向数据进行统计，该行业资金净流入的个股有4只，净流入资金居首的是 中煤能源，今日净流入资金1886.45万元，紧随其后的是云维股份、辽宁能源，净流入资金分别为 1343.22万元、712.48万元。煤炭行业资金净流出个股 ...