Core Viewpoint - China Coal Energy announced a decline in both coal production and sales for January, indicating potential challenges in the coal industry [1] Production Summary - The coal production for January was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The cumulative coal production for the year to date also stood at 10.29 million tons, reflecting the same year-on-year decline of 10.4% [1] Sales Summary - The coal sales for January reached 20.05 million tons, which is a year-on-year decrease of 7.3% [1] - The cumulative coal sales for the year to date were also 20.05 million tons, showing a year-on-year decline of 7.3% [1] - Among the sales, self-produced coal sales in January amounted to 10.57 million tons, marking a year-on-year increase of 1.7% [1] - The cumulative self-produced coal sales for the year to date were 10.57 million tons, also reflecting a year-on-year increase of 1.7% [1]

Company Project Progress - The company plans to add coal production capacity of 6.4 million tons per year and coal chemical capacity of 900,000 tons per year by the end of 2026 or 2027. Specific projects include the Libu Mine and the Weizigou Coal Mine expansion, with progress reported at 50.59% and 72.39% respectively as of August 2025, and expected to be operational by the end of 2026 [2] Industry Policy Status - The domestic coal market is expected to see a slowdown in supply growth by 2026, but there is significant policy support at the bottom. The continuation of the National Energy Administration's overproduction policy may create a price range for coal. Additionally, the advancement of "dual carbon" policies may limit coal demand growth, although demand in the coal chemical sector is expected to increase [3] Company Structure and Governance - The company completed adjustments to its fifth board of directors' special committee on January 30, 2026. Future attention should be given to the release schedule of regular reports, such as the 2025 annual report, and potential investor research activities [4]

Group 1 - Funde Sino Life Insurance Co., Ltd. reduced its stake in China Coal Energy (01898) by 1.671 million shares at a price of HKD 11.93 per share, totaling approximately HKD 19.935 million [1] - After the reduction, Funde Sino's latest shareholding stands at approximately 1.601 billion shares, representing a holding percentage of 38.99% [1]

格隆汇2月11日丨根据联交所最新权益披露资料显示，2026年2月9日，中煤能源(01898.HK)遭Funde Sino Life Insurance Co.,Ltd.在场内以每股均价11.93港元减 持167.1万股，涉资约1993.5万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | | | 原因 | 股份數目 | ねんばし題め船。 有投票權股 期(日/月/ 份權益 | | | | | 仿自分比 | | CS20260211E00004 | Funde Sino Life Insurance 1201(L) 1,671,000(L HKD 11.9300 | | 1,601,065,147(L) 38.99(L) 09/02/2026 | | | Co.,Ltd. | | | 减持后，Funde Sino Life Insurance Co.,Ltd.最新持股数目为1,601,065,147股，持股比例由39.03%下降至38.99%。 ...

Group 1 - Funde Sino Life Insurance Co., Ltd. reduced its stake in China Coal Energy (01898) by selling 1.671 million shares at a price of HKD 11.93 per share, totaling approximately HKD 19.935 million [1] - After the reduction, Funde Sino's remaining shareholding is approximately 1.601 billion shares, representing a holding percentage of 38.99% [1]

Group 1 - Funde Sino Life Insurance Co., Ltd. reduced its stake in China Coal Energy (601898) by selling 1.671 million shares at a price of HKD 11.93 per share, totaling approximately HKD 19.935 million [1] - After the reduction, Funde Sino's remaining shareholding is approximately 1.601 billion shares, representing a holding percentage of 38.99% [1]

Group 1 - Funde Sino Life Insurance Co., Ltd. reduced its stake in China Coal Energy (01898) by selling 1.671 million shares at a price of HKD 11.93 per share, totaling approximately HKD 19.935 million [1] - After the reduction, Funde Sino's remaining shareholding is approximately 1.601 billion shares, representing a holding percentage of 38.99% [1]

Summary of China Coal Energy Conference Call Industry Overview - In early 2026, coal production experienced a slight year-on-year decline of 1.8%, influenced by stricter safety regulations and the relocation of coal enterprises. Coking coal saw a significant decrease, while thermal coal remained relatively stable. The relocation issue is gradually being resolved [2][3][4]. Company Performance - China Coal Energy achieved a long-term contract fulfillment rate exceeding 90% in 2025, in line with national requirements. The long-term contracts for 2026 have been mostly signed, with a similar scale to 2025, utilizing over 75% of self-owned resources for these contracts [2][5][6]. - The company is progressing with ongoing projects, including the Li Bi smokeless coal mine expected to commence production in 2027 and the Tailzigou project anticipated to start by the end of 2026. The Yulin Phase II coal chemical project will be self-sufficient in coal supply from the Dahai coal mine [2][7][8]. Cost Management - The cost in Q4 is expected to remain stable or slightly lower than Q3, benefiting from cost reduction and efficiency improvement strategies. Despite rising raw material and labor costs, the company maintains a low cost level through various measures [2][10][11][12]. Market Dynamics - The impact of Indonesia's export restrictions on China Coal Energy is limited, as domestic power plant inventories are high and purchasing enthusiasm is low. A reduction in imported coal may raise the central price of coal, but alternative sources must be considered [2][14][15]. - The overall coal supply in 2026 is expected to decrease, which could lead to a slight increase in coal prices. However, the exact impact remains uncertain due to potential increases in imports from Mongolia and Russia [2][15]. Regulatory Environment - The safety supervision policies remain stringent, with overproduction becoming a strict red line. No enterprises have exceeded production limits during this period, as the end and beginning of the year are typically off-peak seasons [2][19]. Future Outlook - China Coal Energy plans to maintain a dividend payout ratio of no less than 30%, with a target of 35% for 2024 and an expected increase for 2025. The company aims to balance capital expenditures with shareholder returns [2][3][24]. - The company has no immediate plans for asset injections, focusing instead on enhancing operational efficiency and future development prospects [2][20][21]. Additional Insights - The total investment for the Li Bi coal mine is approximately 9.4 billion yuan, with 1.217 billion yuan invested by the end of 2025. The profitability of this project will depend on market price fluctuations [2][13]. - The company is involved in strategic investments, including a 30% stake in Ping Shuo New Energy, aimed at improving management rather than a full-scale entry into the new energy market [2][23]. Upcoming Events - The monthly production and operation plan for January 2026 will be announced around February 13-14, and a performance briefing will be held on March 30 in Shanghai [2][26].

证券日报网讯2月6日，中煤能源（601898）在互动平台回答投资者提问时表示，截至2026年1月底公司 A股股东户数78147户，H股6985户。 ...

证券日报网讯 2月6日，中煤能源在互动平台回答投资者提问时表示，公司生产经营一切正常，没有应 披露未披露信息，请以公司在法定信息披露媒体披露信息为准。 （文章来源：证券日报） ...