Core Viewpoint - China Coal Energy (01898) has announced its participation in a state-owned enterprise's strategic new fund, investing 1 billion RMB, which represents a 1.96% stake in the fund [1] Group 1: Investment Details - The total transaction amount is 1 billion RMB, sourced from the company's own funds [1] - The investment aims to implement national strategic deployments and promote the development of strategic new industries and future industries [1] Group 2: Strategic Objectives - The fund focuses on nine major strategic new industry sectors, exploring new tracks for future industries [1] - The investment aligns closely with the company's main business, facilitating access to a broader industrial and financial platform [1] Group 3: Financial Impact - The funding will not affect the company's normal cash flow or the development of its main business [1] - There are no adverse effects on the company or its shareholders' interests due to this investment [1]

Core Viewpoint - China Coal Energy (01898.HK) announced its participation in the central enterprise strategic new fund, investing RMB 100 million, which accounts for 1.96% of the fund's total shares [1] Group 1: Investment Details - The total transaction amount is RMB 100 million, sourced from the company's own funds [1] - The investment aims to implement national strategic deployments and promote the development of strategic new industries and future industries [1] Group 2: Strategic Objectives - The fund focuses on nine major strategic new industry sectors, exploring new tracks for future industries [1] - The investment aligns closely with the company's main business, facilitating access to a broader industrial and financial platform [1] Group 3: Financial Impact - The funding will not affect the company's normal cash flow or the development of its main business [1] - There are no adverse effects on the interests of the company and all shareholders [1]

中煤能源10月30日公告，公司以自有资金10亿元认购央企战略性新兴产业发展基金有限责任公司份额， 占比1.96%。该基金规模510亿元，主要投资战略性新兴产业。公司表示，这将有助于拓宽产业合作生 态圈，资金来源为自有资金，不会影响主营业务发展。 ...

( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司關於參與出資央企戰新基金的公告》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2025 年 10 月 30 日 於本公告刊發日期，本公司的執行董事為王樹東、廖華軍和趙榮哲；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 证券代码：601898 证券简称：中煤能源 公告编号：2025-033 中国中煤能源股份有限公司 关于参与出资央企战新基金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 二、 基金管 ...

Core Viewpoint - China Coal Energy (601898) announced its investment of 1 billion yuan in a state-owned strategic emerging industry development fund, representing a 1.96% stake in the fund, which has a total size of 51 billion yuan [1] Group 1 - The investment aligns well with the company's main business operations and is funded by its own capital, ensuring no impact on daily operations [1] - The transaction does not constitute a related party transaction or a major asset restructuring, thus it does not require approval from the board or shareholders [1]

【中煤能源1.15亿元收购旗下公司股权 规避潜在关联交易】10月28日，中煤能源（601898.SH）披露 2025年第三季度报告及股权收购公告。在煤炭价格下行拖累公司整体业绩的背景下，中煤能源以1.15亿 元收购山西中煤平朔新能源有限公司（以下简称"新能源公司"）30%股权，实现对该公司全资控股。 中煤能源相关人士在接受《中国经营报》记者采访时表示，前三季度业绩承压确实与煤炭价格同比下行 直接相关。但他同时指出，若单看第三季度，公司业绩已表现回升态势。此次收购新能源公司剩余股权 的核心目的，在于规范产权关系、避免未来潜在关联交易。中经记者 陈家运 北京报道 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 performance showed significant improvement on a quarter-on-quarter basis, driven by the rebound in coal prices, effective cost control, and the recovery of profitability following the completion of chemical facility maintenance. The report emphasizes the potential for high dividends and growth [2][4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 1105.84 billion yuan, a year-on-year decrease of 21.2% - The net profit attributable to shareholders was 124.85 billion yuan, down 14.6% year-on-year - In Q3 alone, the company reported operating revenue of 361.48 billion yuan, a quarter-on-quarter increase of 0.3% - The net profit attributable to shareholders for Q3 was 47.80 billion yuan, a quarter-on-quarter increase of 28.3% but a year-on-year decrease of 1.0% [2][3] Coal Business Performance - In the first three quarters of 2025, the coal business generated operating revenue of 893.33 billion yuan, down 24.2% year-on-year - The company produced 101.58 million tons of coal, a slight decrease of 0.7% year-on-year, while sales volume increased by 1.1% to 101.45 million tons - The average selling price of self-produced coal was 474 yuan/ton, down 17.0% year-on-year, while the cost per ton was 257.67 yuan, down 10.1% year-on-year, indicating a significant cost advantage [3][4] Non-Coal Business Performance - The sales volumes for polyolefins, urea, and methanol were 98.4 million tons, 180.5 million tons, and 149.5 million tons respectively, with year-on-year changes of -13.3%, +19.5%, and +24.0% - The average selling prices for these products decreased, but the reduction in unit sales costs due to lower raw material coal prices helped mitigate the impact of price declines [3] Dividend Potential and Strategic Developments - The company has the potential to increase its dividend payout, with a debt-to-asset ratio of 45.82% as of Q3 2025, down from previous years - A cash dividend of 0.166 yuan per share was announced for the A-shares, reflecting stable performance due to long-term contracts and integrated coal-chemical operations [4][5] Intelligent Construction and Industry Chain Development - The company has made significant progress in intelligent mining, with 18 coal mines passing smart mine assessments and numerous intelligent working faces established - Ongoing projects include the construction of new coal mines and coal-electricity integration projects, which are expected to enhance operational efficiency and profitability [5]

Core Viewpoint - China Coal Energy (中煤能源) reported a decline in overall performance due to falling coal prices, but showed signs of recovery in the third quarter of 2025. The company acquired a 30% stake in Shanxi Zhongmei Pingshuo New Energy Co., Ltd. for 115 million yuan, achieving full control of the company to streamline ownership and avoid potential related party transactions [1][4]. Financial Performance - For the first three quarters of 2025, China Coal Energy achieved operating revenue of 110.58 billion yuan, a year-on-year decrease of 21.24%. The net profit attributable to shareholders was 12.49 billion yuan, down 14.57% year-on-year, while the net profit excluding non-recurring items was 12.39 billion yuan, a decline of 14.11% [2]. - In the third quarter, the company reported operating revenue of 36.15 billion yuan, a year-on-year decrease of 23.78% but a quarter-on-quarter increase of 0.29%. The net profit attributable to shareholders was 4.78 billion yuan, down 1% year-on-year but up 28.26% quarter-on-quarter [2]. Coal Production and Pricing - In the first three quarters of 2025, the company's commodity coal production was 101.58 million tons, a decrease of 0.7% year-on-year, while sales volume increased by 1.1% to 101.45 million tons. The average selling price of coal was 474 yuan per ton, down 17.0% year-on-year, while the unit cost was 257.7 yuan per ton, down 10.1% [2]. Market Analysis - Analysts noted that the third quarter coincided with peak summer coal demand, and policies aimed at reducing overproduction, along with adverse weather conditions, tightened the coal market supply-demand balance, supporting coal prices and quarterly profitability [3]. Long-term Investment Outlook - Despite short-term performance pressures, institutions remain optimistic about the long-term investment value of China Coal Energy. Western Securities issued a report on October 28, maintaining an "overweight" rating and forecasting a net profit of 16.15 billion yuan for 2025. Meanwhile, Zhongtai Securities also maintained a "buy" rating, projecting net profits of 15.92 billion yuan, 16.94 billion yuan, and 18.89 billion yuan for 2025 to 2027 [3]. New Energy Business Integration - China Coal Energy is accelerating the integration of its new energy business. The company announced the acquisition of a 30% stake in the new energy company for 115 million yuan, resulting in full ownership. The new energy company, established in May 2022, focuses on renewable energy generation and related services [4]. - Financial data indicated that the new energy company achieved after-tax profits of 6 million yuan and 11 million yuan for 2024 and the first eight months of 2025, respectively. As of August 31, 2025, the company's total assets were approximately 802 million yuan, with net assets of about 354 million yuan [4].

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company has experienced a rebound in profits on a quarter-on-quarter basis due to rising coal prices and cost reductions in coal chemical operations, despite a year-on-year decline in profits [1][2] - The coal segment has seen a revenue of 89.33 billion yuan from January to September 2025, a decrease of 24.2% year-on-year, with a notable drop in trading coal revenue [2] - The company maintains strong cost control, with a unit sales cost of self-produced coal at 257.67 yuan/ton, down 10.1% year-on-year [2] - The coal chemical segment has shown stable operations, with production and sales of various products reflecting the integrated advantages of coal and coal chemicals [3] Financial Performance Summary - For Q3 2025, the company reported operating revenue of 36.148 billion yuan, a year-on-year decrease of 23.8%, but a quarter-on-quarter increase of 28.26% [1] - The net profit attributable to the parent company for Q3 2025 was 4.78 billion yuan, down 1.0% year-on-year, but up 28.26% quarter-on-quarter [1] - The company forecasts net profits for 2025-2027 to be 17.502 billion, 17.699 billion, and 18.240 billion yuan respectively, with corresponding EPS of 1.32, 1.33, and 1.38 yuan per share [3][4] Revenue and Cost Analysis - The coal business's revenue for the first nine months of 2025 was 89.333 billion yuan, with self-produced coal sales revenue at 48.127 billion yuan and trading coal revenue at 41.182 billion yuan [2] - The average selling price per ton of coal for the first nine months was 474 yuan, slightly higher than the 470 yuan reported for the first half of the year [2] - The company produced 101.58 million tons of commodity coal, with a slight year-on-year decrease of 0.7% [2] Production and Cost Efficiency - The production figures for coal chemicals in the first nine months included 990,000 tons of polyolefins, 1,594,000 tons of urea, 1,478,000 tons of methanol, and 419,000 tons of ammonium nitrate [3] - The cost per ton for polyolefins, urea, and methanol decreased, showcasing the company's cost management capabilities despite rising coal prices [3]

Core Viewpoint - The report from Guohai Securities indicates that China Coal Energy achieved a net profit attributable to shareholders of 12.485 billion yuan in the first three quarters of 2025, representing a year-on-year decrease of 14.6% [1] Financial Performance - In Q3, the net profit attributable to shareholders was 4.78 billion yuan, showing a quarter-on-quarter increase of 28.3% [1] - The improvement in Q3 performance is attributed to the rise in coal prices, a decrease in costs, and enhanced profitability in the chemical segment [1] Future Outlook - The company has a high proportion of long-term contracts, indicating strong performance stability and a long resource extraction duration [1] - With the upcoming production from the Libi coal mine and Weizigou coal mine, along with the gradual ramp-up of coal chemical business, there is still potential for profit growth [1] - The company is increasing dividends to enhance shareholder returns, maintaining a "buy" rating [1]