Group 1 - The coal stocks have mostly risen, indicating a positive trend in the sector [1] - Mongol Mining (00975.HK) increased by 6.24%, reaching HKD 13.28 [1] - China Coal Energy (01898.HK) rose by 3.15%, reaching HKD 13.41 [1] - Yancoal Australia (03668.HK) saw a rise of 5.17%, reaching HKD 35 [1] - Yanzhou Coal Mining (01171.HK) increased by 1.93%, reaching HKD 14.27 [1]

Group 1 - The coal market is currently characterized by weak supply and demand, but there is solid price support at the bottom level. During the Spring Festival holiday, coal mines in major production areas suspended operations, leading to a contraction in supply, while industrial electricity demand has reached a low point, with power plants primarily relying on long-term contracts for procurement [1] - As of February 25, 2026, the spot reference price for thermal coal in the Bohai Rim is 717 RMB/ton, with a weekly increase of 0.70%. The closing price for thermal coal at Qinhuangdao Port is 718 RMB/ton, with a weekly increase of 3.31%. International coal prices have been supported by production cuts in Indonesia, which in turn supports domestic coal prices [1] - Coal inventory at ports is at a near three-year low, and the market should pay attention to the pace of supply and demand recovery after the holiday [1] Group 2 - Shanxi Securities believes that the rise in overseas coal prices and domestic supply constraints may support the performance of coal enterprises, recommending attention to leading thermal coal companies such as China Coal Energy [2] - Huayuan Securities also lists China Coal Energy as a stable investment target, emphasizing its benefit from the enhanced pricing power of physical assets [2] - Over the past 90 days, 8 institutions have covered China Coal Energy, with 6 giving a "buy" rating and a target average price of 16.28 RMB [2]

Summary of the Conference Call for China Coal Energy Company Overview - **Company**: China Coal Energy - **Industry**: Coal and Energy Key Points Production and Operational Updates - In January 2026, the company reported a coal production of **10.29 million tons**, a year-on-year decrease of **1.19 million tons** due to normal production fluctuations and adjustments around the Spring Festival [3][4] - The production of other coal chemical products such as urea, polyolefins, ammonium nitrate, and methanol showed a slight year-on-year increase [4] - The company’s main coal mines are gradually resuming production after adjustments during the Spring Festival, indicating a return to normal operations [5] Market Conditions - The market is currently described as "tepid," with a typical post-Spring Festival decrease in demand and supply adjustments leading to stable prices [5][6] - International factors, including U.S. tariffs and geopolitical tensions in the Middle East, have caused fluctuations in international energy prices, which may impact domestic energy conditions [5][6] Long-term Contracts - For 2026, the company aims to maintain a long-term contract signing rate of **75%** for self-owned resources, with an execution rate of no less than **90%** [9][10] - The balance between port and pit contracts varies annually based on market demand and pricing conditions, with both types of contracts generally being executed at similar levels [10][11] Pricing Outlook - The recent increase in coal prices, particularly at Qinhuangdao Port, has reached approximately **720** [15] - The company anticipates that coal prices will remain stable throughout the year, with no significant upward or downward pressure expected due to the current energy supply structure [16][17] Cost Management - The company has successfully reduced costs in 2025, with expectations for continued cost control in 2026 [20][21] - Factors contributing to cost reductions include stringent cost management practices and the effective use of safety and maintenance funds [20][21] - However, there may be upward pressure on costs in 2026 due to reduced availability of reserve funds for cost management [22][23] Project Developments - The company is on track to complete the Yulin project by the end of 2026, with other projects in Xinjiang and Shanxi also progressing [26][27] - Future project planning is underway, with a focus on integrating coal, electricity, and new energy assets within the group [30][33] Asset Restructuring Considerations - The company is monitoring potential asset restructuring opportunities within the group, particularly in light of recent developments in the industry [32][34] - No definitive plans or timelines for asset restructuring have been established, but ongoing analysis is being conducted [33][34] Dividend Policy - Currently, there is no long-term dividend policy in place, but the company aims to maintain a stable dividend ratio, with expectations for gradual increases in the future [39][40] - The historical dividend ratio has been around **30%**, with recent increases to approximately **35%** [39][40] Additional Insights - The company emphasizes the importance of maintaining operational stability and effective cost management to navigate market fluctuations and ensure sustainable growth [20][21][39] - The management remains cautious about external factors that could impact pricing and operational efficiency, including international geopolitical developments and domestic energy policies [16][17][39]

Group 1 - The core point of the article is that China Coal Energy (601898.SH) reported a decrease in both coal production and sales for January 2026 compared to the previous year [1] Group 2 - The company's coal production in January 2026 was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The total coal sales for January 2026 were 20.05 million tons, which is a year-on-year decrease of 7.3% [1] - The self-produced coal sales amounted to 10.57 million tons, showing a year-on-year increase of 1.7% [1]

Group 1 - The core point of the article is that China Coal Energy reported a decline in both coal production and sales in January 2026 compared to the previous year [1] Group 2 - In January 2026, the company's coal production was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The total coal sales for January 2026 were 20.05 million tons, which is a year-on-year decline of 7.3% [1] - The self-produced coal sales amounted to 10.57 million tons, showing a year-on-year increase of 1.7% [1]

证券代码：601898 证券简称：中煤能源 公告编号：2026-004 中国中煤能源股份有限公司 2026 年 2 月 12 日 | 指标项目 | 单位 | 2026 | 年 | 2025 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 1 | 累计 | 月份 1 | 累计 | 月份 1 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,029 | 1,029 | 1,148 | 1,148 | -10.4 | -10.4 | | （二）商品煤销量 | 万吨 | 2,005 | 2,005 | 2,163 | 2,163 | -7.3 | -7.3 | | 其中：自产商品煤销量 | 万吨 | 1,057 | 1,057 | 1,039 | 1,039 | 1.7 | 1.7 | | 二、煤化工业务 | | | | | | | | | （一）聚烯烃 | | | | | | | | | 1.聚乙烯产量 | 万吨 | 6.6 | 6.6 | 6.7 | 6. ...

Group 1 - The core point of the article is that China Coal Energy (01898.HK) reported a decrease in coal production and sales for January 2026 compared to the previous year [1] Group 2 - The company's coal production in January 2026 was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The total coal sales for the company were 20.05 million tons, which is a year-on-year decrease of 7.3% [1] - The self-produced coal sales amounted to 10.57 million tons, showing a year-on-year increase of 1.7% [1]

Core Viewpoint - China Coal Energy (601898) reported a decrease in both coal production and sales for January 2026, indicating potential challenges in the coal market [1] Group 1: Production and Sales Data - The company's coal production for January 2026 was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The total coal sales amounted to 20.05 million tons, which is a year-on-year decrease of 7.3% [1] - Self-produced coal sales reached 10.57 million tons, showing a slight year-on-year increase of 1.7% [1]

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 2026 年 1 月份主要生產經營數據公告 （海外監管公告） 中國中煤能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容 不存在任何虛假記載、誤導性陳述或重大遺漏，並對其內容的真實性、準確 性和完整性承擔法律責任。 | 指標項目 | 單位 | 2026 | 年 | 2025 | 年 | 變化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 1 | 累計 | 月份 1 | 累計 | 月份 1 | 累計 | | 一、煤炭業務 | | | | | | | | | （一）商品煤產量 | 萬噸 | 1,029 | 1,029 | 1,148 | 1,148 | -10.4 | -10.4 | | （二）商品煤銷量 | 萬噸 | 2,005 | 2,005 | 2,163 | 2,163 | -7.3 | -7.3 | ...

Group 1 - The core point of the article is that China Coal Energy announced a decline in coal production and sales for January 2026, with a significant drop in commodity coal output and sales compared to the previous year [1] Group 2 - The coal business reported a commodity coal production of 10.29 million tons, a year-on-year decrease of 10.4% [1] - The sales volume of commodity coal was 20.05 million tons, reflecting a year-on-year decline of 7.3% [1] - Self-produced commodity coal sales reached 10.57 million tons, showing a slight year-on-year increase of 1.7% [1] Group 3 - In the coal chemical business, polyethylene production was 66,000 tons, which is a year-on-year decrease of 1.5% [1] - The sales volume of polyethylene was 68,000 tons, indicating a significant year-on-year increase of 41.7% [1] Group 4 - The output value of coal mining equipment was 770 million yuan, representing a year-on-year decline of 7.2% [1] - There may be discrepancies between this data and periodic reports, and significant variations could occur on a monthly basis [1]