内蒙古电投能源股份有限公司 独立董事 2024 年度述职报告 2024 年度，公司以现场、现场+视频及通讯方式共召开 1 陈天翔 本人作为内蒙古电投能源股份有限公司（以下简称"公 司"）的独立董事，严格按照《公司法》《证券法》《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》《上市公司独立董事管理办法》《公司章程》等有关 规定和要求，本着对全体股东负责的态度，认真、忠实地履 行独立董事职责，对公司重大事项发表客观、审慎、公正的 独立意见，积极维护公司利益和股东特别是中小股东的合法 权益。现将本人在 2024 年任职期间履职情况报告如下： 一、基本情况 陈天翔，1966 年生，研究生学历、工学博士。现任成都 理工大学电气工程系教授，兼任智能输配电设备产业技术创 新战略联盟副理事长，内蒙古电投能源股份有限公司独立董 事。 作为公司独立董事，本人具备独立董事任职资格，符合 《上市公司独立董事管理办法》规定的独立性要求，不存在 影响独立性的情况。 二、独立董事年度履职情况 （一）出席会议情况 董事会 15 次，本人亲自出席董事会会议 15 次，无缺席情况， 出席股东大会 3 次。本人对历次会 ...

第八届董事会第四次独立董事专门会议 内蒙古电投能源股份有限公司 第八届董事会第四次独立董事专门会议审核意见 根据《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《内蒙古电投能 源股份有限公司章程》《内蒙古电投能源股份有限公司独立董事制度》等法律法规和 规章制度的有关规定，内蒙古电投能源股份有限公司（以下简称"电投能源"或"公 司"）全体独立董事于 2025 年 4 月 22 日以视频方式召开第八届董事会第四次独立董 事专门会议，本次会议应参加的独立董事四名，实际参加的独立董事四名。作为公司 的独立董事，对公司第八届董事会第三次会议相关审议事项发表审核意见如下： 一、关于公司 2024 年度利润分配方案的议案 公司利润分配方案符合公司章程和监管相关规定，分红比例明确，分红方案合法 合规，不存在损害公司及中小股东利益的情形。因此，我们同意该议案，并同意将该 议案提交公司董事会审议。 因此，我们同意该议案，并同意将该议案提交公司董事会审议，关联董事应回避 表决。 第八届董事会第四次独立董事专门会议 三、关于《国家电投集团财务有限公 ...

内蒙古电投能源股份有限公司 独立董事 2024 年度述职报告 夏 鹏 本人作为内蒙古电投能源股份有限公司（以下简称"公司"） 的独立董事，严格按照《公司法》《证券法》《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》《上市 公司独立董事管理办法》《公司章程》等有关规定和要求，本着 对全体股东负责的态度，认真、忠实地履行独立董事职责，对公 司重大事项发表客观、审慎、公正的独立意见，积极维护公司利 益和股东特别是中小股东的合法权益。现将本人在 2024 年（1 月 1 日至 5 月 20 日）任职期间履职情况报告如下： 一、基本情况 夏鹏，1965 年生，研究生学历，管理学博士，正高级会计 师、注册会计师。现任北京大华融智管理咨询有限公司董事长， 有研粉末新材料股份有限公司独立董事，北京城建设计发展集团 股份有限公司独立非执行董事，高伟达软件股份有限公司独立董 事、北京化学工业集团有限责任公司外部董事。截至报告期末， 任有研新材料股份有限公司独立董事、北京海鑫科金高科技股份 有限公司独立董事。 作为公司独立董事，本人具备独立董事任职资格，符合《上 市公司独立董事管理办法》规定的独立性要求， ...

内蒙古电投能源股份有限公司市值管理规定 第一章 总则 第一条 为加强内蒙古电投能源股份有限公司（以下简 称"公司"）市值管理，切实推动公司投资价值提升，增强 投资者回报，维护投资者利益，根据《公司法》《证券法》 以及《上市公司监管指引第 10 号——市值管理》等法律法 规、规范性文件和《公司章程》等规定，制定本规定。 第二条 本规定所称市值管理，是指以提高公司质量为 基础，为提升投资者回报能力和水平而实施的战略管理行为。 第二章 市值管理机构与人员 第四条 公司董事会是市值管理工作的领导机构，应重 视公司质量的提升，在公司治理、日常经营、并购重组及融 资等重大事项决策中充分考虑投资者利益和回报，坚持稳健 经营，避免盲目扩张，不断提升公司投资价值。 第五条 董事长督促执行提升公司投资价值的董事会决 议，推动提升公司投资价值的相关内部制度不断完善，协调 各方采取措施促进公司投资价值合理反映公司质量。 第六条 董事会秘书应做好投资者关系管理和信息披露 相关工作，与投资者建立畅通的沟通机制，积极收集、分析 市场各方对公司投资价值的判断和对公司经营的预期，持续 提升信息披露透明度和精准度。加强舆情监测分析，密切关 注各 ...

本人作为内蒙古电投能源股份有限公司（以下简称"公 司"）的独立董事，严格按照《公司法》《证券法》《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》《上市公司独立董事管理办法》《公司章程》等有关 规定和要求，本着对全体股东负责的态度，认真、忠实地履 行独立董事职责，对公司重大事项发表客观、审慎、公正的 独立意见，积极维护公司利益和股东特别是中小股东的合法 权益。现将本人在 2024 年任职期间履职情况报告如下： 一、基本情况 陶杨，1980 年生，研究生学历，法学博士。北京交通大 学法学院教授、博士生导师，中国铁路法研究中心执行主任， 北京市东方律师事务所兼职律师，内蒙古电投能源股份有限 公司独立董事，中铁装配式建筑股份有限公司独立董事，北 京昊创瑞通电气设备股份有限公司独立董事。 作为公司独立董事，本人具备独立董事任职资格，符合 《上市公司独立董事管理办法》规定的独立性要求，不存在 影响独立性的情况。 内蒙古电投能源股份有限公司 独立董事 2024 年度述职报告 陶杨 二、独立董事年度履职情况 （一）出席会议情况 1 2024 年度，公司以现场、现场+视频及通讯方式共召开 董事会 1 ...

内蒙古电投能源股份有限公司董事会 对独立董事独立性自查情况专项意见 内蒙古电投能源股份有限公司（以下简称"公司"）现 有独立董事 4 人，分别为韩放先生、陈天翔先生、陶杨先生、 李明先生（于 2024 年 5 月 20 日任职）。夏鹏先生于 2024 年 1 月 1 日至 5 月 20 日期间任公司独立董事。根据中国证券监 督管理委员会《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》等要求，结合公司《独 立董事制度》等相关规定，公司独立董事对自身的独立性情 况进行了自查，并将自查情况提交了董事会。公司董事会就 任期内独立董事的独立性情况进行评估并出具如下专项意 见： 经核查独立董事夏鹏先生、韩放先生、陈天翔先生、陶 杨先生、李明先生在任期内的任职经历以及签署的相关自查 文件，公司董事会认为上述人员未在公司担任除独立董事以 外的任何职务，也未在公司主要股东公司担任任何职务，与 公司以及主要股东之间不存在利害关系或其他可能妨碍其 进行独立客观判断的关系，不存在影响独立董事独立性的情 况，符合《上市公司独立董事管理办法》《深圳证券 ...

电投能源（002128）公告，2024年营业收入298.59亿元，同比增长11.23%。归属于上市公司股东的净利 润53.42亿元，同比增长17.15%。基本每股收益2.38元/股，同比增长12.80%。公司董事会审议通过的利 润分配预案为：以22.42亿为基数，向全体股东每10股派发现金红利8元(含税)，送红股0股(含税)，不以 公积金转增股本。 ...

Dividend and Financial Performance - The company plans to distribute a cash dividend of 8 RMB per 10 shares to all shareholders, based on a total of 2,241,573,493 shares[6]. - The company's operating revenue for 2024 reached ¥29,859,051,547.04, representing an increase of 11.23% compared to ¥26,845,529,756.25 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥5,341,613,309.30, up 17.15% from ¥4,559,652,079.29 in 2023[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,097,731,973.72, reflecting a 17.52% increase from ¥4,337,874,048.59 in 2023[6]. - The net cash flow from operating activities for 2024 was ¥7,950,473,863.61, a 15.71% increase compared to ¥6,871,291,630.51 in 2023[6]. - Basic and diluted earnings per share for 2024 were both ¥2.38, representing a 12.80% increase from ¥2.11 in 2023[6]. - Total assets at the end of 2024 amounted to ¥51,634,287,255.08, a 6.46% increase from ¥48,501,175,130.73 at the end of 2023[6]. - The net assets attributable to shareholders at the end of 2024 were ¥34,603,339,933.91, up 12.03% from ¥30,887,497,802.07 at the end of 2023[6]. - The company reported a total of ¥243,881,335.58 in non-recurring gains for 2024, compared to ¥221,778,030.70 in 2023[25]. Energy Production and Market Trends - In 2024, the total installed power generation capacity in the country reached 3.35 billion kilowatts, with wind and solar power accounting for 1.41 billion kilowatts, a year-on-year increase of 34.16%, representing 42% of the total capacity[5]. - The utilization hours for wind power decreased by 107 hours year-on-year, while solar power utilization hours decreased by 81 hours, with expectations of continued challenges in 2025[5]. - The company’s future outlook indicates a contraction in overall coal demand due to the impact of carbon peak and green low-carbon transition strategies[4]. - The coal market is expected to maintain a loose supply-demand situation in 2024, with total coal consumption around 5.12 billion tons, and a projected increase in coal production by 60 million tons in 2025[40]. - The company anticipates stable growth in production supply and a recovery in domestic demand for 2025, with a focus on new energy development and digital transformation in the coal industry[29][30]. - The company is adapting to the transition of thermal power from a basic energy source to a system regulation role, focusing on enhancing peak-shaving capabilities[40]. Environmental and Regulatory Challenges - The company acknowledges that the profit of coal-fired power generation is sensitive to coal prices, and any rebound in coal prices could increase generation costs[4]. - The company is facing risks from stricter environmental standards, requiring increased investment in energy-saving and emission-reduction technology to maintain efficiency and reliability[5]. - The company is committed to enhancing clean and efficient utilization of coal, aligning with national policies for energy transition and digital transformation[30]. - The government aims for non-fossil energy's share of total energy consumption to reach approximately 18.9% by 2025, with renewable energy consumption exceeding 1.1 billion tons of standard coal[36]. - The implementation of market-oriented pricing for renewable energy is expected to significantly promote the healthy development of the industry and support the achievement of carbon neutrality goals[39]. Technological Innovations and Investments - The company is committed to enhancing its investment in new energy projects despite rising land acquisition costs and investment challenges[5]. - The company is focusing on integrating emerging technologies with traditional mining practices to enhance operational stability and risk resilience[44]. - The company has implemented a centralized procurement model for major raw materials, ensuring efficiency and cost-effectiveness in its operations[87]. - The company is developing a 100-ton level unmanned electric dump truck, aiming to reduce energy consumption costs by 25% compared to similar vehicles[120]. - The company has implemented a smart mining comprehensive management platform that utilizes AI systems for real-time monitoring and disaster warning, improving operational accuracy and efficiency[121]. - The company is focusing on enhancing the automation level in the production process to meet the increasing quality demands of its products[130]. - The company is actively investing in renewable energy projects in resource-rich areas, gradually forming a national renewable energy industry layout[71]. Production and Sales Performance - The actual production of raw coal reached 47.996 million tons, an increase of 3.11% year-on-year, while actual sales of raw coal were 47.759 million tons, up 2.77% year-on-year[91]. - The actual power generation from thermal power in 2024 was 55,278.42 million kWh, a decrease of 1.38% year-on-year, and actual electricity sales were 50,340.42 million kWh, down 1.47% year-on-year[91]. - The actual production of electrolytic aluminum in 2024 was 900,000 tons, an increase of 2.85% year-on-year, with actual sales also at 900,100 tons, up 2.66% year-on-year[91]. - The total profit for 2024 was 6,926.05 million yuan, an increase of 18.35% year-on-year, primarily due to increased sales prices and volumes of coal and aluminum products[91]. - The sales volume of coal reached 4,776 million tons, up 2.77% from the previous year, while production volume was 4,800 million tons, an increase of 3.11%[105][106]. Research and Development - R&D investment increased significantly to ¥130,001,404.99 in 2024, up 301.42% from ¥32,385,042.95 in 2023[137]. - The company completed the development of a high-precision industrial visual inspection system for boiler water-cooled walls, achieving international leading standards[134]. - The company has established a digital twin operation and data collaboration system for power supply and technology innovation, enhancing operational efficiency[134]. - The company is focusing on developing technologies that can achieve ultra-low emissions and address air pollution effectively[132]. - The number of R&D personnel decreased to 237 in 2024 from 451 in 2023, representing a decline of 47.45%[136]. Future Outlook and Strategic Plans - The company plans to invest 1.191419 billion yuan in 2025, focusing on large and medium-sized infrastructure projects[183]. - The projected profit for 2025 is 7.658 billion yuan, with a net profit attributable to shareholders of 5.923 billion yuan[189]. - The company is focusing on the transition to green electricity in its aluminum production, moving from "coal-electricity-aluminum" to "green-electricity-aluminum"[176]. - The company aims to strengthen communication with railway departments to optimize transportation capacity and alleviate supply-demand pressure[197]. - The company is diversifying transportation methods, primarily using rail while supplementing with road transport to manage logistics effectively[200].

Investment Rating - The coal industry is rated as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The report highlights that the coal prices have reached the cost line for some mines, leading to an expected reduction in production. The supply side is constrained due to regular safety inspections and maintenance on major railways, which is anticipated to support coal prices during the off-season [1]. - The report emphasizes that while electricity demand is entering a low season, the combination of maintenance on railways and reduced import volumes is expected to stabilize coal prices [1]. - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and China Coal Energy, which are characterized by stable operations and high dividends. It also suggests关注淮北矿业, 平煤股份, and 电投能源 for their undervalued potential [1]. Recent Industry Policies and Developments - The report notes that the Xinjiang coal transportation project has been approved, which will enhance coal transportation capacity significantly, thus reducing logistics costs and supporting energy security [5]. - The report mentions the implementation of a differentiated electricity pricing mechanism in Shandong to optimize power resource allocation [9]. Price Trends - As of April 18, 2025, the prices for various types of coal have shown mixed trends, with some prices remaining stable while others have seen slight declines. For instance, the price for Shanxi's main coking coal remains at 1380 RMB/ton, unchanged from the previous week [10][13]. - The report indicates that international coal prices have fluctuated, with Indonesian coal prices decreasing while South African prices have increased [11]. Supply and Demand Dynamics - The report states that the average daily coal inflow to the Bohai Rim ports has decreased by 4.10% week-on-week, while the outflow has dropped significantly by 20.04% due to adverse weather conditions [22]. - The coal inventory at the Bohai Rim ports has increased by 6.93% week-on-week, indicating a buildup of stock amid declining demand [22]. Shipping Costs - Domestic coastal shipping costs have risen by 6.95% week-on-week, reflecting increased transportation expenses [32]. - International shipping rates have shown mixed trends, with some routes experiencing slight increases while others have decreased [32]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings per share (EPS) projections for the coming years [36].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The report highlights two significant divergences in the first quarter economic data: 1) the divergence between GDP growth and electricity consumption growth; 2) the increase in raw coal production while power plant inventories are decreasing. The GDP growth of 5.4% contrasts with a mere 2.5% increase in electricity consumption, primarily due to economic structural transformation and unexpected weather impacts on residential electricity use. Additionally, despite high raw coal production, power plant inventories have declined due to weak power generation demand and structural inventory accumulation at ports and pits [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 2.56%, outperforming the CSI 300 index by 1.98 percentage points, ranking 3rd out of 32 industries. The thermal coal market price as of April 18 is 663 RMB/ton, showing a slight decrease of 2 RMB/ton week-on-week [6][20]. Thermal Coal Market - The report notes that while seasonal demand for coal is weak, the market is expected to stabilize as the negative factors affecting coal stocks are likely to diminish. The report suggests a positive outlook for coal stocks due to high dividend yields and narrowing second-order effects of falling coal prices [6][20]. Coking Coal Market - The coking coal price at Jing Tang Port remains stable at 1380 RMB/ton. The report emphasizes the need to monitor potential domestic demand stimulus policies and the sustainability of steel production increases [6][21]. Economic Divergences - The report elaborates on the divergence between GDP growth and electricity consumption, attributing it to structural upgrades in the economy and unexpected weather impacts. The first quarter saw a raw coal production increase of 9.704 million tons (8.1% year-on-year), while power plant inventories decreased by approximately 21.03 million tons since the beginning of the year [7][8]. Investment Recommendations - The report recommends marginal allocations to long-term stable profit leaders such as China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Xinji Energy and Electric Power Investment Energy. It also highlights flexible growth stocks such as Yanzhou Coal Mining (A+H) and Shanxi Coking Coal [8].