南财智讯11月14日电，中国神华公告，10月商品煤产量为26.4百万吨，同比下降7.4%，累计商品煤产量 为277.3百万吨，同比下降1.1%；10月煤炭销售量为36.0百万吨，同比下降5.8%，累计煤炭销售量为 352.5百万吨，同比下降8.2%。10月总发电量为17.98十亿千瓦时，同比增长2.3%，累计总发电量为 180.85十亿千瓦时，同比下降4.7%。 ...

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) 2025 年 10 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「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、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | (重述後) | | (%) | | | | | 10 月 | 累計 | 10 月 | 累計 | 10 月 | 累計 | | （一）煤炭 | | | | | | | | | 商品煤產量 1. | 百萬噸 | 26.4 | 277.3 | 28.5 | 280.3 | (7.4) | (1.1) | | 2. ...

Core Viewpoint - Dongxing Securities report indicates that China Shenhua's net profit attributable to shareholders for the first three quarters of 2025 is 39.052 billion yuan, a year-on-year decrease of 15.24% [1] - The company is expected to show resilience due to its cost advantages in self-produced coal and the integration of coal and electricity, despite a decline in performance influenced by coal prices [1] Financial Performance - In Q3, the net profit reached 14.411 billion yuan, reflecting a year-on-year decline of 6.2% [1] - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 51.348 billion yuan, 53.511 billion yuan, and 54.568 billion yuan respectively, with corresponding EPS of 2.58 yuan, 2.69 yuan, and 2.75 yuan [1] Industry Outlook - The bottom of the coal market is expected in the first half of 2025, with performance recovery driven by supply constraints due to "anti-involution" [1] - The company is acquiring coal, pithead coal power, and coal chemical assets from the National Energy Group and Western Energy, which will contribute to stable performance [1] Strategic Initiatives - The company is gradually bringing new mines into production, which is anticipated to lead to an increase in coal production and contribute to stable earnings [1] - The company maintains a high dividend payout, aiming to build dual value through growth and dividends [1]

Core Insights - The company reported a revenue of 213.15 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.6%, with a net profit of 39.05 billion yuan, down 15.24% [1] - The coal segment showed signs of recovery in Q3 2025, with production and sales returning to growth for the first time this year [1] - The power generation segment experienced an increase in profit despite a decline in total power generation and sales due to lower coal prices and procurement costs [1] Coal Segment - For the first three quarters of 2025, coal production was 251 million tons, a slight decrease of 0.4%, while coal sales reached 317 million tons, down 8.4% [1] - The average sales price for annual and monthly contracts was 452 yuan/ton and 553 yuan/ton, respectively, reflecting declines of 8.1% and 22.4% year-on-year [1] - The coal segment achieved a revenue of 159.10 billion yuan, down 21.1%, with a total profit of 32.27 billion yuan, a decrease of 16% [1] Power Generation Segment - Total power generation for the first three quarters was 1,628.7 billion kWh, down 5.4%, while total sales were 1,530.9 billion kWh, down 5.5% [1] - The average selling cost was 327.5 yuan/MWh, a decrease of 8% year-on-year, with a gross margin of 19.2%, up 3.5 percentage points [1] - The total profit for the power generation segment was 10.14 billion yuan, an increase of 20.4% [1] Transportation and Coal Chemical Segments - The self-owned railway business saw a profit increase, while port business gross margins grew; however, shipping business margins declined [2] - The self-owned railway transport turnover was 2,341 billion ton-km, down 0.3%, with a unit transport price of 145.19 yuan/thousand ton-km, up 1.21% [2] - The coal chemical products segment achieved a revenue of 4.35 billion yuan, up 6.1%, with a gross margin of 7.1%, an increase of 0.2% [2] Profit Forecast and Investment Rating - The company is expected to see a recovery in coal prices and production, with projected net profits of 51.35 billion yuan, 53.51 billion yuan, and 54.57 billion yuan for 2025-2027 [3] - The company maintains a strong dividend policy, aiming to provide both growth and dividend value [3] - The investment rating is maintained at "strongly recommended" [3]

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][9]. Core Views - The report highlights that the company's coal, power, chemical, and port businesses have all seen improvements in gross profit margins, indicating a dual value of growth and dividends [5][9]. - Despite a decline in revenue and net profit for the first three quarters of 2025, the company is expected to recover due to its cost advantages and integrated coal-power operations [5][9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 213.15 billion yuan, a year-on-year decrease of 16.6%, and a net profit of 39.05 billion yuan, down 15.24% [1]. - The operating cash flow net amount was 65.25 billion yuan, a decline of 11.7% year-on-year [1]. Coal Division - The coal division's gross profit margin increased to 30.4%, up 2.01 percentage points year-on-year, despite a 21.1% drop in revenue to 159.10 billion yuan [2]. - In Q3 2025, coal production reached 85.50 million tons, a 2.3% increase year-on-year, marking the first quarter of positive growth in 2025 [2]. Power Division - The gross profit margin for the power division improved to 19.2%, up 3.5 percentage points year-on-year, with total profit increasing by 20.4% to 10.14 billion yuan [3]. - Total power generation for the first three quarters was 162.87 billion kWh, down 5.4% year-on-year [3]. Transportation and Chemical Division - The transportation division saw a profit increase to 10.31 billion yuan, while the port business experienced gross profit growth due to reduced costs [4]. - The chemical products segment reported a revenue increase of 6.1% to 4.35 billion yuan, with a gross profit margin of 7.1%, up 0.2 percentage points year-on-year [4]. Profit Forecast - The company is projected to achieve net profits of 51.35 billion yuan, 53.51 billion yuan, and 54.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.58, 2.69, and 2.75 yuan [9][10].

Summary of China Shenhua's Conference Call Company Overview - China Shenhua is one of the largest coal companies in China, benefiting from its merger with China Power to form the State Energy Group, holding a 13% share of the national coal production and 54% of the State Energy Group's coal output [2][3] Key Points and Arguments - **Valuation and Dividend Policy**: Shenhua's valuation is significantly higher than the industry average, attributed to its leading dividend policy with a cash dividend rate above 70%. The mid-term cash dividend distribution accounted for 79% of net profit, and as of October 20, the dividend yield was approximately 7.7%, well above the 10-year government bond yield [2][4][5] - **Debt and Financial Health**: Despite a continuous reduction in coal sector holdings by active funds, Shenhua's investment value is re-emerging due to rising coal prices and improved balance sheets. The company's interest-bearing debt ratio has decreased to 6%, with ample cash reserves and a low interest expense ratio of 0.9% in the first half of the year [2][6] - **Expansion Plans**: Shenhua is actively expanding its coal segment and diversifying into power generation, transportation, and coal chemical industries. The company plans to commission multiple mining projects, adding a total capacity of 26 million tons, expected to be operational by 2028-2029 [2][7][10] - **Sales and Pricing Resilience**: Shenhua's sales model and integrated business approach provide strong pricing resilience. The average selling price of self-produced coal fell by 9.3% year-on-year, significantly less than the market price decline of 18.4%. Effective cost control has maintained an overall gross margin above 30% [2][8][9] Additional Important Insights - **Resource Scale and Future Planning**: By the end of 2024, Shenhua's recoverable reserves are projected to be 15.1 billion tons, with an annual production of 32.7 million tons, accounting for 25% of the total output of 30 listed coal companies. The company owns 24 operating mines and 9 under construction [4][10] - **Coal Industry Dynamics**: The coal sector has seen a significant improvement in balance sheets since 2021, with Shenhua's financial health enhancing its investment appeal. The average sales cost for major domestic coal companies is 291 yuan per ton, indicating substantial profit margins for Shenhua [6][11] - **Integrated Business Model**: Shenhua's mature integrated business model, which includes coal production, transportation, and power generation, allows for better cost management and operational efficiency. The company ensures raw material self-sufficiency, which mitigates the impact of coal price declines on its performance [12][13] - **Future Coal Price Expectations**: In the first half of 2025, coal prices fell to 609 yuan per ton due to oversupply and lower demand. However, prices rebounded to over 820 yuan per ton due to production cuts and increased summer energy consumption. The expectation is for continued price increases in the latter half of 2025 and into 2026, highlighting the investment value of high-dividend stocks [19]

Core Viewpoint - China Shenhua reported a decline in electricity sales and average selling prices due to increased competition in the electricity market and lower long-term contract prices [1][3] Group 1: Electricity Generation and Sales - From January to September 2025, the national power generation increased by 1.6% year-on-year, while thermal power generation decreased by 1.2% [1] - China Shenhua's electricity generation during the same period was 162.87 billion kWh, a year-on-year decline of 5.4% [1] - The company's average selling price for electricity was 382 RMB per MWh, down by 18 RMB per MWh, a decrease of 4.5% year-on-year [1] Group 2: Market Competition and Strategic Response - The decline in sales volume and average selling price is attributed to lower signing prices for long-term contracts and increased participation of renewable energy in market bidding [1] - The company plans to strengthen investment management in thermal power projects and enhance electricity marketing to improve revenue from capacity fees and auxiliary services [1][3] Group 3: New Energy Projects and Carbon Emission Management - China Shenhua is actively engaging with local governments and enterprises to develop multiple new energy projects, with a total planned, under construction, and operational capacity of approximately 3.4587 million kW as of September 2025 [1][2] - The company is conducting research on Scope 3 carbon emissions accounting and has made progress in large-scale CCUS demonstration projects [2] Group 4: Operational Stability and Future Plans - Despite a year-on-year decline in cumulative performance for the first three quarters, the decline rate has narrowed each quarter, indicating strong operational stability [3] - The company aims to enhance coal resource acquisition, optimize coal product structure, and improve the resilience of its integrated industrial chain [3]

中国神华能源股份有限公司 关于发行股份及支付现金购买资产 并募集配套资金暨关联交易事项的进展公告 证券代码：601088 证券简称：中国神华 公告编号：临 2025-067 截至本公告披露日，本次交易的中介机构已进场开展尽职调查工作，本次交 易相关的审计、评估等工作正在有序推进中。公司将根据本次交易的进展情况， 按照相关法律法规的规定履行后续审议程序与信息披露义务。 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。 一、本次交易的基本情况 中国神华能源股份有限公司（"公司"）拟发行 A 股股份及支付现金购买 控股股东国家能源投资集团有限责任公司持有的煤炭、坑口煤电以及煤制油煤制 气煤化工等相关资产并于 A 股募集配套资金（"本次交易"）。根据《上市公 司重大资产重组管理办法》等相关法律法规的规定，本次交易构成关联交易，预 计不构成重大资产重组，本次交易不会导致公司实际控制人变更。 二、本次交易的进展情况 根据上海证券交易所有关规定，公司 A 股股票于 2025 年 8 月 4 日（星期一） 开市起停牌，具体内容详见公司 2025 ...

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) 海外監管公告 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 做出。 茲載列中國神華能源股份有限公司於 2025 年 11 月 8 日在上海證券交 易所網站(www.sse.com.cn)刊登的「關於發行股份及支付現金購買資 產並募集配套資金暨關聯交易事項的進展公告」文件，僅供參閱。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2025 年 11 月 7 日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康 鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及 王虹先生，職工董事焦蕾女士。 1 二、本次交易的进展情况 根据上海证券交易所有关规定，公司 A 股股票于 2025 年 8 月 4 日（星期一） 开市起停牌，具体内容详见公司 2025 年 8 月 2 ...

Core Viewpoint - First Shanghai maintains a "Buy" rating for China Shenhua (01088), projecting net profit attributable to shareholders for 2025-2027 to be 58.8 billion, 58.7 billion, and 58.9 billion yuan respectively, with a target price of 47.7 HKD [1] Group 1: Performance Overview - Overall performance meets expectations, showing positive signals of improvement quarter-on-quarter [1] - Due to the oversupply in the coal industry, the company's performance in the first three quarters was under pressure, with revenue of 213.15 billion yuan, a year-on-year decrease of 16.6%, and net profit attributable to shareholders of 41.37 billion yuan, down 13.8% year-on-year [1] Group 2: Coal Business Analysis - The decline in performance is primarily attributed to the core coal business, with coal sales volume at 316.5 million tons, a year-on-year decrease of 8.4% [1] - In the third quarter, the company produced 86 million tons of commodity coal and sold 112 million tons, indicating some inventory reduction or external coal purchases [1] Group 3: Non-Coal Business Growth - Amid challenges in the coal sector, the company's electricity, railway, and port businesses demonstrated strong "ballast" effects [1] - The electricity segment benefited from a 7.8% year-on-year decrease in fuel costs due to falling coal prices, significantly improving profitability in this segment [1]