证券代码：601088 证券简称：中国神华 公告编号：临 2025-070 中国神华能源股份有限公司 关于北海二期 3 号机组通过 168 小时试运行的公告 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。 近日，中国神华能源股份有限公司（"本公司"）持股约 52%的控股子公司 国能广投北海发电有限公司二期扩建工程项目（"北海二期"）3 号机组顺利通 过 168 小时试运行，移交商业运营。 目前，北海二期 4 号发电机组建设工作稳步推进，计划于 2025 年 12 月投运。 北海二期全部投运后，将进一步优化区域电源结构，提高电网安全稳定水平，有 效满足区域中长期负荷增长需求，为我国西部陆海新通道建设及区域经济社会发 展提供重要支撑。 特此公告。 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2025 年 12 月 1 日 北海二期位于广西壮族自治区北海市铁山港区兴港镇，规划建设 2 台 100 万千瓦超超临界一次再热燃煤发电机组，是广西壮族自治区能源发展"十四五" 规划重点工程。项目采用超净燃煤发电、深度调峰 ...

Core Viewpoint - China Shenhua (601088.SH) announced the successful completion of the 168-hour trial operation of the No. 3 unit of its subsidiary Guoneng Guangtou Beihai Power Co., which is part of the Beihai Phase II expansion project, marking its transition to commercial operation [1] Group 1 - The Beihai Phase II project is expected to optimize the regional power structure and enhance the safety and stability of the power grid [1] - The construction of the No. 4 generator unit is progressing steadily, with plans for it to be operational by December 2025 [1] - Once fully operational, the Beihai Phase II project will effectively meet the long-term load growth demands of the region and support the development of the new western land-sea corridor and regional economic and social development [1]

Core Viewpoint - China Shenhua (601088) announced the successful completion of the 168-hour trial operation of the No. 3 unit of its subsidiary, Guoneng Guangtou Beihai Power Co., Ltd.'s Phase II expansion project, which has now transitioned to commercial operation [1] Group 1: Project Details - The Beihai Phase II project is located in the Xingan Town of Tieshan Port District, Beihai City, Guangxi Zhuang Autonomous Region [1] - The project plans to construct two ultra-supercritical once-through reheating coal-fired power generation units, each with a capacity of 1 million kilowatts [1] - This project is a key initiative in the energy development plan for Guangxi during the 14th Five-Year Plan period [1]

Core Points - China Shenhua Energy Co., Ltd. has approved a framework agreement for continuous related transactions with China Railway Taiyuan Bureau Group Co., Ltd. for the years 2026 to 2028 [1] - The agreement includes annual transaction limits and details on pricing policies [1][2] - The company will manage these continuous related transactions in accordance with regulatory requirements to ensure alignment with the interests of the company and its shareholders [2] Summary by Sections - **Framework Agreement**: The company signed a continuous related transaction framework agreement with Taiyuan Railway Bureau on November 27, 2025, covering transactions from 2026 to 2028 [1] - **Transaction Management**: The company commits to strict adherence to the terms of the framework agreement and will ensure compliance with regulatory requirements [2] - **Official Announcement**: The announcement was made by the Chief Accountant and Secretary of the Board, Song Jinggang, on November 29, 2025 [4]

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。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 持續關連交易進展公告 2026-2028年持續關連交易框架協議 茲提述中國神華能源股份有限公司（「本公司」）日期為2025年10月24日之公告 （「該公告」），內容有關本公司董事會批准與代表中國國家鐵路集團有限公司（「國 鐵集團公司」）的中國鐵路太原局集團有限公司（「太原鐵路局」）訂立2026-2028年 持續關連交易框架協議。根據該協議，本公司及其附屬公司與國鐵集團公司及其 附屬公司同意相互提供運輸服務、出售煤炭及提供其他產品及服務。除非文義另 有所指，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會欣然宣佈於2025年11月27日，本公司與太原鐵路局訂立了2026-2028年持 續關連交易框架協議。2026-2028年持續關連交易框架協議的主要條款及其項下持 續關連交易詳情請見該公告。 承董事會命 中國神華能源股份有限公司 總會 ...

本公司将按照相关监管要求做好持续关连交易管理，严格执行《持续关连交 易框架协议》有关条款，确保持续关连交易符合本公司及股东的整体利益。 特此公告。 承中国神华能源股份有限公司董事会命 证券代码：601088 证券简称：中国神华 公告编号：临 2025-069 中国神华能源股份有限公司 持续关连交易进展公告 中国神华能源股份有限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。 经中国神华能源股份有限公司（"本公司"）第六届董事会第十四次会议批 准，本公司拟与代表中国国家铁路集团有限公司（"国铁集团公司"）的中国铁 路太原局集团有限公司（"太原铁路局"）签订 2026 年至 2028 年《持续关连交 易框架协议》（"《持续关连交易框架协议》"）并确定其项下每年的交易上限 金额。 2025 年 11 月 27 日，本公司与太原铁路局签署了《持续关连交易框架协议》。 《持续关连交易框架协议》项下本公司及其下属企业和单位与国铁集团公司及其 下属企业和单位 2026 年至 2028 年持续关连交易的主要内容、定价政策及年度上 限金额等内容详 ...

Core Viewpoint - China Shenhua's stock price has shown a slight decline recently, with a year-to-date increase of 2.44% and a notable drop of 2.78% over the past five trading days [1][2]. Financial Performance - For the period from January to September 2025, China Shenhua reported a revenue of 213.15 billion yuan, representing a year-on-year decrease of 16.05%. The net profit attributable to shareholders was 39.05 billion yuan, down 15.24% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 480.47 billion yuan, with 15.99 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders reached 209,200, an increase of 29.69% from the previous period. The average number of circulating shares per shareholder decreased by 23.09% to 79,468 shares [2]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 595 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 67.33 million shares [3]. Market Activity - On November 24, China Shenhua's stock price was 41.22 yuan per share, with a trading volume of 613 million yuan and a turnover rate of 0.09%. The total market capitalization stood at 818.98 billion yuan [1]. - The net outflow of main funds was 15.43 million yuan, with significant buying and selling activity observed in large orders [1].

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, indicating challenges in sales and profitability despite some operational stability in coal and electricity production [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 750.42 billion yuan, a year-on-year decrease of 13.1%, while net profit attributable to shareholders was 144.11 billion yuan, down 6.24% year-on-year [1]. - The total revenue for the first three quarters of 2025 was 2131.51 billion yuan, reflecting a 16.57% decline compared to the previous year, with a net profit of 390.52 billion yuan, down 9.98% [1]. Operational Insights - Coal production remained stable with a Q3 output of 8550 million tons, a year-on-year increase of 2.27%, but sales decreased by 3.46% due to a significant drop in externally purchased coal [2]. - Electricity generation and sales were stable, with Q3 figures of 640.9 billion kWh and 601.8 billion kWh, respectively, both showing a slight decline of around 2.3% year-on-year [2]. Capacity Expansion - The company has made significant progress in capacity expansion, including the commissioning of a 1000 MW power unit and the addition of 264 MW in solar power projects [3]. - The company is also advancing coal production with new projects approved and under construction, expected to enhance overall production capacity [3]. Market Conditions - The price of thermal coal has shown a strong rebound, with the latest price at 831.00 yuan per ton, a 23.50% increase from the Q3 average [4]. - The company benefits from a unique integrated coal-electricity-transportation model, which is expected to enhance long-term investment value [4]. Investment Outlook - The company adjusted its net profit forecasts for 2025-2027 to 533.97 billion yuan, 550.94 billion yuan, and 564.20 billion yuan, respectively, with corresponding PE ratios of 16x, 15x, and 15x [4]. - A target price of 49.86 yuan has been set for 2026, maintaining a "strong buy" rating based on historical valuation and market risk preferences [4].

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua (601088) with a target price of 49.86 CNY [2][9]. Core Views - The company reported a revenue of 213.15 billion CNY for Q3 2025, a year-on-year decrease of 16.57%, while the net profit attributable to shareholders was 39.05 billion CNY, down 9.98% year-on-year [2][9]. - The integrated operations of the company demonstrate strong resilience, with a significant increase in long-term contract sales, accounting for approximately 92.5% of total sales [9]. - The price of thermal coal has shown a strong upward trend, with the latest price at 831.00 CNY per ton, reflecting a 23.5% increase from the average price in Q3 [9]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 75.04 billion CNY, with a year-on-year decrease of 13.1% but a quarter-on-quarter increase of 9.51% [2][9]. - The net profit for Q3 was 14.41 billion CNY, showing a year-on-year decrease of 6.24% but a quarter-on-quarter increase of 13.54% [2][9]. - The company’s total revenue forecast for 2025 is adjusted to 303.35 billion CNY, reflecting a year-on-year decrease of 10.4% [4][9]. Operational Highlights - The coal production and sales figures for Q3 were 85.50 million tons and 111.60 million tons respectively, with production increasing by 2.27% year-on-year while sales decreased by 3.46% [9]. - The company has made significant investments in expanding its capacity, including new power generation projects and coal mining operations [9]. - The gross profit margins for various segments in 2025 Q1-3 were reported as follows: coal at 30.5%, electricity at 19.2%, and coal chemical at 7.1% [9].

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Energy Key Financial Performance - **Net Profit**: 14.4 billion yuan for the first three quarters of 2025, a decrease of 6.2% year-on-year [2][4] - **Revenue**: 213.1 billion yuan for the first three quarters, down 16.6% year-on-year; Q3 revenue was 75 billion yuan, down 13.1% year-on-year [4] - **Coal Production**: 1.25 billion tons for the first three quarters, a slight decrease of 0.4% year-on-year; Q3 production was 85.5 million tons, an increase of 2.3% year-on-year [2][5] - **Coal Sales Volume**: 317 million tons for the first three quarters, down 8.14% year-on-year; Q3 sales volume was 86.8 million tons, up 2.7% year-on-year [2][5] - **Long-term Contract Prices**: Annual and monthly contract prices decreased by 8.1% and 22.4%, respectively [2][4] Business Segment Performance - **Power Generation**: Total power generation decreased by 5.4% to 162.87 billion kWh; total electricity sales decreased by 5.5% to 153.09 billion kWh. However, the gross profit margin per kWh increased by 3 percentage points, leading to a profit of 10.1 billion yuan, up 20% year-on-year [2][5][6] - **Transportation**: Turnover volume slightly decreased by 0.3%, but unit transportation prices increased by 1.21%, resulting in a total profit increase of 1.5% [2][6] - **Chemical Products**: Sales volume increased by 13.97% year-on-year, with revenue growth of 6.1%. However, the gross margin was only 7.1%, indicating a need for improvement in profitability [2][6] Strategic Developments - **Acquisitions**: The acquisition of assets from China National Energy Group and Western Energy has enabled capacity expansion, contributing to stable performance [2][7] - **Future Profitability**: Expected net profits for 2025-2027 are projected to be 51.3 billion, 53.5 billion, and 54.5 billion yuan, respectively, with corresponding earnings per share (EPS) of 2.58, 2.69, and 2.75 yuan [2][7] Investment Recommendations - **Rating**: Strong buy recommendation for both A-shares (601,088) and H-shares (1,088) due to growth potential and stable dividend expectations [3][8] - **Market Position**: The company has demonstrated resilience and growth potential through strategic acquisitions and a robust integrated development model [2][8] Additional Insights - **Cost Management**: Unit costs for coal decreased by 7.5% to 173.2 yuan/ton, which helped mitigate the impact of falling prices [2][4] - **Market Dynamics**: The coal business showed signs of recovery with the first positive growth in production and sales since 2025 [2][5]