北京市嘉源律师事务所 关于陕西能源投资股份有限公司 2025 年第二次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：陕西能源投资股份有限公司 北京市嘉源律师事务所 关于陕西能源投资股份有限公司 2025 年第二次临时股东大会的法律意见书 嘉源（2025）-04-629 号 北京市嘉源律师事务所（以下简称"本所"）接受陕西能源投资股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行 有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及 《陕西能源投资股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 指派本所律师对公司 2025 年第二次临时股东大会（以下简称"本次股东会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师出席了本次股东会，查阅了公司提供的 与本次股东会有关的文件 ...

陕西能源投资股份有限公司 第三届董事会第一次会议决议公告 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 陈述或重大遗漏。 一、董事会会议召开情况 证券代码：001286 证券简称：陕西能源 公告编号：2025-065 陕西能源投资股份有限公司（以下简称公司）第三届董事会第一次会议于 2025 年 9 月 5 日（星期五）16:30 在西安市唐延路 45 号陕西投资大厦 4 楼会议 室以现场方式召开。会议通知已于 2025 年 9 月 1 日以电话、书面通知等方式通 知全体董事。本次会议应出席的董事 9 人，实际出席的董事 9 人，本次会议由全 体董事共同推举董事王栋先生主持，公司高级管理人员候选人列席了本次会议。 本次会议的召集、召开符合《中华人民共和国公司法》和《陕西能源投资股份有 限公司章程》等有关法律法规的规定。 二、董事会会议审议情况 本次会议逐项审议并通过了以下议案： 1.审议通过《关于选举董事长、副董事长的议案》 董事会同意王栋先生担任公司第三届董事会董事长，同意王琛先生担任公司 第三届董事会副董事长，任期三年，自本次董事会审议通过之日起至第三届董事 会任期届满之 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问钱阳山煤矿进展如何？预计什么时候能产煤？ 陕西能源（001286.SZ）9月3日在投资者互动平台表示，钱阳山煤矿开发目前还处于前期阶段，请关注 公司后期披露文件。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has declined due to falling coal and electricity prices, but there is potential for growth in coal and electricity integration [1] - The company reported total revenue of 9.862 billion yuan for H1 2025, a year-on-year decrease of 6.74%, and a net profit attributable to shareholders of 1.334 billion yuan, down 13.5% year-on-year [1] - The report anticipates a recovery in net profit for 2026 and 2027, with expected figures of 3.571 billion yuan and 4.146 billion yuan respectively, reflecting a growth of 30.1% and 16.1% year-on-year [1] Financial Performance Summary - For H1 2025, the company generated a total revenue of 9.862 billion yuan, down 6.74% year-on-year, and a net profit of 1.334 billion yuan, down 13.5% year-on-year [1] - In Q2 2025, the company achieved revenue of 4.661 billion yuan, a quarter-on-quarter decrease of 10.4%, and a net profit of 630 million yuan, also down 10.3% quarter-on-quarter [1] - The average on-grid electricity price for H1 2025 was 0.35 yuan/kWh, a decrease of 0.82% year-on-year, while the cost per kWh was 0.24 yuan, an increase of 0.64% year-on-year [2] Coal and Power Integration - The company has a total installed capacity of 11.23 million kW and is actively pursuing several projects to enhance its coal and power integration strategy [3] - The company has a coal production capacity of 30 million tons per year, with 24 million tons currently in operation and 6 million tons under construction [3] - The company distributed a total cash dividend of 1.538 billion yuan in H1 2025, maintaining a stable dividend payout ratio above 50% since its listing, which enhances its investment value [3]

每经AI快讯，8月21日，A股煤炭板块震荡反弹，安源煤业涨停，广汇能源、兖矿能源、陕西能源、华 阳股份等跟涨。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

Group 1 - The coal sector is experiencing a volatile rebound, with significant gains observed in various companies [1] - Anyuan Coal Industry has reached the daily limit increase, indicating strong market interest [1] - Other companies such as Guanghui Energy, Yanzhou Coal Mining, Shaanxi Energy, and Huayang Co. have also seen upward movement in their stock prices [1]

据证券之星公开数据整理，近期陕西能源(001286)发布2025年中报。根据财报显示，陕西能源净利润同 比下降13.45%。截至本报告期末，公司营业总收入98.62亿元，同比下降6.74%，归母净利润13.34亿 元，同比下降13.45%。按单季度数据看，第二季度营业总收入46.61亿元，同比下降5.55%，第二季度归 母净利润6.3亿元，同比上升13.9%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率36.29%，同比减6.12%，净利率20.7%， 同比减7.92%，销售费用、管理费用、财务费用总计8.27亿元，三费占营收比8.39%，同比减2.82%，每 股净资产6.66元，同比增6.09%，每股经营性现金流1.04元，同比减6.14%，每股收益0.36元，同比减 12.2% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 105.75 Z | 98.62亿 | -6.74% | | 归母净利润（元） | 15.41 Z | 13.34 Z | -13.45% | | 扣非净利润(元) | 15 ...

Core Viewpoint - The company's revenue and net profit attributable to shareholders have decreased year-on-year due to a decline in electricity and coal sales prices [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 9.862 billion yuan, a decrease of 6.74% year-on-year [1] - The net profit attributable to shareholders was 1.335 billion yuan, down 13.45% year-on-year [1] - The non-recurring net profit attributable to shareholders was 1.329 billion yuan, a decline of 14.02% year-on-year [1] Group 2: Production and Sales - In the first half of 2025, the company's power generation was 21.922 billion kWh, a decrease of 9.03% year-on-year [1] - The on-grid electricity was 20.482 billion kWh, down 8.91% year-on-year [1] - Coal production reached 9.8862 million tons, an increase of 6.53% year-on-year, with significant growth in coal external sales [1] Group 3: Future Prospects - The Zhao Shipan coal mine, with an annual capacity of 6 million tons, is nearing completion and is expected to enter joint trial operation in September 2025 [1] - Once operational, the company's coal production capacity will reach 30 million tons per year [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Views - The company's revenue and net profit have decreased year-on-year due to a decline in electricity and coal sales prices, with a revenue of 9.862 billion yuan (-6.74%) and a net profit of 1.335 billion yuan (-13.45%) in the first half of 2025 [1][7] - Despite the overall decline, the company experienced a significant increase in coal external sales, which rose by 50.34% to 5.727 million tons in the first half of 2025 [2][8] - The company is expected to see further growth in coal production with the upcoming commissioning of the Zhao Shipan coal mine, which has a capacity of 6 million tons per year, projected to begin trial operations in September 2025 [20][21] Financial Performance Summary - In the first half of 2025, the company generated a revenue of 9.862 billion yuan, with a net profit of 1.335 billion yuan, reflecting a decrease of 13.45% year-on-year [1][7] - The company's electricity generation was 21.922 billion kWh, down 9.03% year-on-year, while coal production increased by 6.53% to 9.8862 million tons [2][8] - The company's gross margin decreased to 34.97%, down 2.37 percentage points year-on-year, primarily due to lower electricity generation and coal prices [16][18] Earnings Forecast - The company is expected to achieve net profits of 2.901 billion yuan, 3.331 billion yuan, and 3.736 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -3.6%, 14.8%, and 12.1% [3][21] - Earnings per share (EPS) are projected to be 0.77 yuan, 0.89 yuan, and 1.00 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 12.0, 10.4, and 9.3 [3][21] Operational Developments - The company is actively advancing several power generation projects, including the Yan'an Thermal Power Phase II and Shanzhong Power Plant Phase II, which are expected to enhance the company's electricity generation capacity significantly [21] - The company has optimized its coal sales strategy, leading to increased external coal sales, which contributed to revenue growth in the coal business despite overall revenue decline [1][7]