Group 1 - The core point of the article is that China Coal Energy (601898) reported a decrease in both coal production and sales for August 2025 compared to the previous year [1] - In August 2025, the company's coal production was 11.6 million tons, a year-on-year decrease of 1.8%, while coal sales were 20.85 million tons, down 12.8% year-on-year [1] - For the period from January to August 2025, the total coal production was 89.99 million tons, reflecting a slight year-on-year decrease of 0.5%, and coal sales were approximately 171 million tons, which is a year-on-year decrease of 5.6% [1]

2025 年 8 月份主要生产经营数据公告 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。 证券代码：601898 证券简称：中煤能源 公告编号：2025-028 中国中煤能源股份有限公司 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 8 月份 | 累计 | 8 月份 | 累计 | 8 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,160 | 8,999 | 1,181 | 9,041 | -1.8 | -0.5 | | （二）商品煤销量 | 万吨 | 2,085 | 17,070 | 2,392 | 18,090 | -12.8 | -5.6 | | 其中：自产商品煤销量 | 万吨 | 1,151 | 9,040 | 1,116 | 8,869 | 3.1 | 1.9 | | 二、煤化工业务 | | | ...

格隆汇9月12日丨中煤能源(01898.HK)公布，2025年8月份，公司商品煤产量1,160万吨，同比减少 1.8%；商品煤销量2,085万吨，同比减少12.8%；其中，自产商品煤销量1,151万吨，同比增加3.1%。 ...

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。 ( 於中華人民共和國註冊成立的股份有限公司 ) （股份代號：01898） 2025 年 8 月份主要生產經營數據公告 上述生產經營數據並不對本公司未來經營情況作出任何明示或默示的預測 或保證，投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 公司將在本公告披露後適時召開月度生產經營資料說明會，具體參會事宜請 詢公司投資者熱線 010-82236028。 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 9 月 12 日 （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 | 2025 | 年 | 2024 | 年 | 變化比率（%） | | | --- | --- | --- | --- | --- | - ...

Financial Performance - The company achieved a revenue of RMB 74.4 billion and a profit attributable to shareholders of RMB 7.3 billion in the first half of 2025, with a net cash inflow from operating activities of RMB 7.7 billion[6]. - For the first half of 2025, the company achieved a pre-tax profit of 11.604 billion yuan, with a profit attributable to shareholders of 7.325 billion yuan, maintaining a good profitability level[15]. - The company's total revenue for the first half of 2025 was 74.436 billion yuan, a decrease of 18.548 billion yuan or 19.9% compared to the same period in 2024[21]. - The coal business generated revenue of 57.068 billion yuan, down 22.6% year-on-year, with self-produced coal sales contributing 28.815 billion yuan, a decrease of 19.5%[26]. - The group's gross profit fell by 31.8% to CNY 14.561 billion, down from CNY 21.359 billion, with the gross margin decreasing by 3.4 percentage points to 19.6%[29]. - The company reported a net cash flow from operating activities of 7.666 billion yuan, a decline of 48.5% compared to the previous year[18]. - The company's net profit for the six months ended June 30, 2025, was RMB 7,325,265 thousand, a decrease from RMB 10,695,209 thousand in the same period of 2024, representing a decline of approximately 31.8%[152]. - The company declared dividends of RMB 3,420,735 thousand to shareholders during the period, compared to RMB 7,360,329 thousand in the same period of 2024, a reduction of 53.6%[152]. Production and Sales - The coal production reached 67.34 million tons, an increase of 840,000 tons year-on-year, while the sales volume of self-produced coal was 67.11 million tons, up by 920,000 tons year-on-year[7]. - The power generation increased by 27.2% year-on-year, reaching 7.75 billion kWh[7]. - The sales volume of coal reached 128.68 million tons, a decrease of 3.6% compared to the same period last year, with self-produced coal sales increasing by 1.4% to 67.11 million tons[84]. - The self-produced coal sales volume increased by 1.4% to 6.711 million tons, while the average selling price decreased by 19.5%[33]. - The total sales volume of purchased trade coal decreased by 5.4% to 6.091 million tons, with a price drop of 21.7%[33]. Cost Management - The company reduced the unit sales cost of self-produced coal by RMB 15 per ton and urea by RMB 144 per ton, while the unit sales cost of polyolefins decreased by RMB 49 per ton after excluding the impact of major repairs[8]. - The group's sales cost decreased by 16.4% to CNY 59.875 billion from CNY 71.625 billion for the same period in 2024[27]. - The coal business sales cost dropped by 17.7% to CNY 49.839 billion, primarily due to a decrease in purchased coal volume and procurement prices, resulting in a reduction of CNY 9.983 billion in costs[35]. - The company plans to continue optimizing its product structure and enhance cost management to mitigate the impact of declining market prices[15]. Assets and Liabilities - The total assets as of June 30, 2025, were 356.792 billion yuan, a slight decrease of 0.3% from the end of 2024[20]. - The company's liabilities decreased by 3.0% to 160.753 billion yuan, while shareholders' equity increased by 2.1% to 196.039 billion yuan[20]. - The total borrowings increased to CNY 57.26 billion, a growth of 7.4% from CNY 53.33 billion on December 31, 2024, with long-term borrowings accounting for CNY 55.67 billion[62]. - The balance of long-term bonds decreased to CNY 8.40 billion, a decline of 18.0% from CNY 10.24 billion on December 31, 2024[63]. Strategic Initiatives - The company plans to enhance its core competitiveness and deepen reforms, focusing on technological innovation and improving resource allocation[11]. - The overall strategy includes strengthening lean management and promoting project construction to support high-quality development[15]. - The company aims to enhance production organization and procurement management to further reduce costs in the upcoming periods[40]. - The company is focusing on optimizing production processes and increasing safety-related asset investments to improve operational efficiency[40]. Governance and Compliance - The company is committed to enhancing its governance and information disclosure quality to improve investor communication and maintain a good image in the capital market[12]. - The company has complied with the corporate governance code as per the listing rules of the stock exchange[112]. - The audit and risk management committee has reviewed the interim financial results, confirming compliance with international accounting standards[114]. - The company has established a multi-departmental value management coordination mechanism to monitor various metrics such as ROE, PB, and PE ratios, ensuring timely analysis and feedback on market dynamics[105]. Market and Industry Position - The company aims to enhance the overall value of its industrial chain by extending its coal industry towards coal chemical and coal power directions, transitioning from a scale-speed model to a quality-efficiency model[103]. - The company is one of China's largest coal trading service providers, with a strong market development and distribution capability supported by its extensive marketing network and logistics system[101]. - The company actively participated in national fertilizer reserves, releasing 105,500 tons of urea to stabilize the domestic market[88]. Employee and Workforce Management - The total number of employees is 46,293, including 29,771 production personnel, 1,088 sales personnel, 9,742 technical personnel, 940 financial personnel, 2,845 administrative personnel, and 1,907 others[135]. - The company has implemented reforms in its employee compensation system, focusing on a more precise and flexible income distribution mechanism, with an emphasis on core positions and high-demand talent[135]. - The company is actively enhancing the quality of its workforce through various training programs and partnerships with educational institutions[135]. Environmental and Legal Matters - The company has not identified any significant environmental liabilities that could adversely affect its financial condition[76]. - There are no major pending or potential lawsuits or arbitrations against the company as of June 30, 2025[77].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中煤能源股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601898 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,152,000,400 | RMB | | 1 | RMB | | 9,152,000,400 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 9,152,000,400 | RMB | | 1 | RMB | | 9,152,000,400 | | 2 ...

Core Viewpoint - The company's performance is under pressure due to falling coal prices, but it shows potential for high dividends and growth, maintaining a "buy" rating [1][3] Financial Performance - In H1 2025, the company achieved operating revenue of 74.44 billion yuan, a year-on-year decrease of 19.9%, and a net profit attributable to shareholders of 7.71 billion yuan, down 21.3% [1] - For Q2 2025, the company reported operating revenue of 36.04 billion yuan, a quarter-on-quarter decline of 6.11%, and a net profit of 3.73 billion yuan, down 6.31% [1] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 16.37 billion, 18.13 billion, and 18.62 billion yuan respectively, with a year-on-year change of -15.3%, +10.8%, and +2.7% [1] Coal Business Performance - In H1 2025, the coal business generated operating revenue of 60.57 billion yuan, a decrease of 22.1%, with a gross profit of 14.35 billion yuan, down 27.7% [2] - The average selling price of self-produced coal was 470 yuan per ton, a year-on-year drop of 19.5%, while the cost was 263 yuan per ton, down 10.2% [2] - Coal production and sales volumes were 67.34 million tons and 67.11 million tons respectively, both showing a slight increase of 1.3% and 1.4% year-on-year [2] Non-Coal Business Performance - The company operates in coal chemical, coal mining equipment, financial services, and other sectors, with coal chemicals being the main business [2] - In H1 2025, coal chemical revenue was 9.36 billion yuan, down 13.6%, while the sales volumes of various products showed mixed results [2] Dividend Potential and Strategic Initiatives - The company has the potential to increase its dividend payout, with a debt-to-asset ratio of 45% as of June 30, 2025 [3] - A cash dividend of 0.166 yuan per share was announced, resulting in a dividend yield of 1.38% based on the stock price [3] - The company is enhancing its smart mining capabilities, with 18 mines passing smart mining assessments and several projects underway to strengthen the "coal-electric-chemical" integrated industry chain [3]

Summary of China Coal Energy Conference Call Company Overview - **Company**: China Coal Energy - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 744.4 billion CNY [2][3] - **Total Profit**: 119.4 billion CNY [2][3] - **Net Profit Attributable to Shareholders**: 77 billion CNY [2][3] - **Earnings Per Share**: 0.58 CNY [2][3] - **Commodity Coal Production**: 67.34 million tons, up 1.3% YoY [2][3] - **Commodity Coal Sales**: 67.11 million tons, up 1.4% YoY [2][3] - **Main Chemical Products Production**: 2.988 million tons, up 2.1% YoY [2][3] - **Main Chemical Products Sales**: 3.166 million tons, up 2.7% YoY [2][3] Cost Management - **Unit Sales Cost of Self-produced Commodity Coal**: 262.97 CNY/ton, down 30 CNY/ton YoY [4][5] - **Average Selling Price of Self-produced Commodity Coal**: 470 CNY/ton, down 114 CNY/ton YoY [4][13] - **Coking Coal Selling Price**: 885 CNY/ton, down 486 CNY/ton YoY [4][13] - **Cost Reduction Measures**: Focus on optimizing production organization and controlling costs [4][14] Project Development - **Key Projects**: - Li Bi Coal Mine - Wei Zi Gou Coal Mine - Wu Shun Qi Coal-Electricity Integration Project - Yulin Olefin Project - Tu Ke Liquid Sunshine Demonstration Project - Several photovoltaic projects have been connected to the grid [6] Market Dynamics - **Power Coal Production and Sales**: Increased in Q2 2025, while coke production decreased due to the temporary shutdown of Wangjialing Coal Mine, which resumed in early July [9] - **Price Differential**: Coking coal prices significantly higher than power coal, positively impacting Q2 performance [10] Inventory and Sales - **Sales Growth**: Significant increase in sales attributed to unrecognized inventory [11] - **Annual Production Target**: 133 million tons, with nearly 70 million tons completed in H1 2025, indicating manageable pressure for H2 [11] Long-term Contracts and Pricing - **Long-term Contract Fulfillment Rate**: Expected to improve in Q3 due to rising spot prices [12] - **Spot Price Recovery**: Expected to reach around 700 CNY, more favorable than previous quarters [12] Cost Outlook - **Cost Stability**: Anticipated to remain stable and possibly lower than last year's levels, with a long-term target of around 300 CNY/ton [14] Financial Health - **Cash Flow**: Decrease in operating cash flow due to profit decline and increased working capital [18][19] - **Investment Cash Flow**: Net outflow increased by nearly 5.9 billion CNY due to higher capital expenditures [20] Strategic Planning - **"14th Five-Year Plan"**: Under development, focusing on coal-electricity integration and expanding into new energy sectors [16] - **Shareholder Returns**: Emphasis on balancing shareholder returns with overall company interests [18] Additional Insights - **Safety and Maintenance Costs**: Increased focus on safety and maintenance expenditures, with a current reserve of approximately 5.1 billion CNY [15] - **Future Cost Reduction Potential**: Limited due to safety requirements, but ongoing efforts to optimize costs across the supply chain [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance is under pressure due to falling coal prices, but it has high dividend potential and growth prospects. The report maintains a "Buy" rating based on these factors [5][6] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 744.4 billion yuan, a year-on-year decrease of 19.9% - The net profit attributable to shareholders was 77.1 billion yuan, down 21.3% year-on-year - The adjusted net profit after deducting non-recurring items was 76.5 billion yuan, a decrease of 20.7% year-on-year - For Q2 2025, the operating revenue was 360.4 billion yuan, a quarter-on-quarter decline of 6.11% - The net profit attributable to shareholders for Q2 was 37.3 billion yuan, down 6.31% quarter-on-quarter [5][6] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 163.7 billion yuan, 181.3 billion yuan, and 186.2 billion yuan respectively, with year-on-year changes of -15.3%, +10.8%, and +2.7% - The expected EPS for the same period is 1.23 yuan, 1.37 yuan, and 1.40 yuan, corresponding to a PE ratio of 9.8, 8.8, and 8.6 times respectively [5][8] Coal Business Performance - In H1 2025, the coal business generated operating revenue of 605.7 billion yuan, down 22.1% year-on-year - The average selling price of self-produced coal was 470 yuan per ton, a decrease of 19.5% year-on-year, while the cost per ton was 263 yuan, down 10.2% year-on-year [6] Non-Coal Business Performance - The non-coal business, including coal chemical, mining equipment, and financial services, showed mixed results - The coal chemical business achieved operating revenue of 93.6 billion yuan, down 13.6% year-on-year, but benefited from lower raw material costs [6] Dividend Potential and Strategic Initiatives - The company has the potential to increase its dividend payout, with a current dividend of 0.166 yuan per share, resulting in a dividend yield of 1.38% - The company is enhancing its smart mining capabilities and developing a "coal-electric-chemical" integrated industrial chain, with significant investments in new projects [7]

Core Viewpoint - China Coal Energy Co., Ltd. has experienced a decline in stock price and financial performance in 2025, with significant net outflows of capital and a decrease in shareholder numbers [1][2][3] Group 1: Stock Performance - As of August 27, the stock price of China Coal Energy fell by 2.04% to 11.55 CNY per share, with a trading volume of 260 million CNY and a turnover rate of 0.24%, resulting in a total market capitalization of 153.14 billion CNY [1] - Year-to-date, the stock price has decreased by 3.12%, with a 1.64% drop over the last five trading days and a 3.52% decline over the last 20 days, although it has increased by 13.32% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, China Coal Energy reported operating revenue of 74.44 billion CNY, a year-on-year decrease of 19.95%, and a net profit attributable to shareholders of 7.71 billion CNY, down 21.28% year-on-year [2] - The company has distributed a total of 42.87 billion CNY in dividends since its A-share listing, with 19.19 billion CNY distributed over the past three years [3] Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders decreased by 12.08% to 95,000, with an average of 0 circulating shares per person [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 66.19 million shares, a decrease of 3.99 million shares from the previous period, while several ETFs have increased their holdings [3]