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 4 日在上海證券交 易所網站(www.sse.com.cn)刊登的「2025 年半年度權益分派實施公告」 文件，僅供參閱。 北京，2025 年 11 月 3 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 证券代码：601088 证券简称：中国神华 公告编号：临2025-066 中国神华能源股份有限公司 2025年半年度权益分派实施公告 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。 承董 ...

Core Viewpoint - China Shenhua (601088.SH) has announced its profit distribution plan for the first half of 2025, which has been approved by the shareholders' meeting [1] Group 1: Profit Distribution Details - The company will distribute a cash dividend of RMB 0.98 per share (including tax), based on a total share capital of 19.869 billion shares, amounting to a total cash dividend of RMB 19.471 billion (including tax) [1] - Of the total, RMB 16.161 billion (including tax) will be distributed to A-share shareholders, based on an A-share capital of 16.491 billion shares [1] - The record date for the dividend is set for November 7, 2025, and the payment date is November 10, 2025 [1]

Core Viewpoint - China Shenhua announced a cash dividend of RMB 0.98 per share (before tax) for A-share shareholders in the first half of 2025, with specific tax implications for different types of investors [1] Summary by Category Dividend Distribution - A-share individual shareholders and securities investment funds will receive a cash dividend of RMB 0.98 per share (before tax) [1] - Qualified Foreign Institutional Investors (QFII), Renminbi Qualified Foreign Institutional Investors (RQFII), and Shanghai-Hong Kong Stock Connect shareholders will receive a cash dividend of RMB 0.882 per share (after tax) [1]

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10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: 中國神華能源股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01088 | 說明 | | H股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,377,482,000 | | 0 | | 3,377,482,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,377,482,000 | | 0 | | 3,377,482,000 | | ...

Core Viewpoint - The A-share market shows a mixed trend with the coal sector leading the gains, driven by a strong rebound in coal prices and positive market sentiment towards energy stocks [1][5]. Group 1: Market Performance - As of 10:01, the energy ETF (159930) surged over 3%, recovering from the previous day's losses with a trading volume exceeding 45 million yuan [1]. - Major coal and oil stocks, including Shaanxi Coal and China Shenhua, saw increases of over 4% and 2% respectively, indicating a broad-based rally in the energy sector [2][3]. Group 2: Price Dynamics - OPEC+ announced a pause in production increases for the first quarter of next year, which has positively impacted oil prices [5]. - Coal prices are experiencing a strong rebound due to tight supply and insufficient inventory ahead of the peak demand season [5]. - The price of thermal coal is expected to rise, with a target of around 750 yuan per ton by 2025, as the market moves towards a balance between coal and power generation profitability [6]. Group 3: Investment Logic - The coal sector is characterized by both cyclical elasticity and stable dividends, making it an attractive investment option as coal prices remain at historical lows [8]. - The energy sector is highlighted for its high dividend yields, with coal and oil sectors ranking among the top in terms of dividend rates [9]. - The energy ETF (159930) is noted for its low valuation (PB of 1.34), presenting a compelling opportunity for investors seeking to capitalize on the rebound in traditional energy stocks [10].

Core Insights - The trial reform for long-term investment of insurance funds has accelerated this year, with the latest holdings of insurance-related private equity funds revealed following the disclosure of listed companies' Q3 reports [1][9] - Five insurance-related private equity funds have disclosed their latest holdings, with significant investments in companies such as Sinopec, Daqin Railway, Guotou Power, Luzhou Laojiao, Anhui Expressway, and HLA [1][4] Holdings Summary - As of the end of Q3, Taibao Zhiyuan No. 1 Private Securities Investment Fund has appeared in the top ten circulating shareholders of Anhui Expressway and HLA, holding 4.1483 million shares and 18.0652 million shares respectively [3][6] - The holdings of five insurance-related private equity funds are detailed in a table, showing the number of shares, market value, and percentage of circulating A-shares for each listed company [5] - The Honghu Fund Phase III No. 1 has emerged as a major shareholder in Sinopec, Daqin Railway, Guotou Power, and Luzhou Laojiao, with holdings of 304.9586 million shares, 298.4871 million shares, 93.438 million shares, and 18.872 million shares respectively [6][7] Investment Focus - The insurance-related private equity funds are primarily concentrated in sectors such as petrochemicals, transportation, coal, public utilities, food and beverage, telecommunications, and textiles, with many holdings being industry leaders characterized by high dividends and low volatility [7][10] - The ongoing trial reform has seen the number of operational insurance-related private equity funds increase to seven, with a total approved scale of 222 billion yuan [9][10]

Core Viewpoint - China Shenhua's stock has declined over 3% following the release of its financial results for the third quarter, indicating market concerns over its performance amid declining revenues and profits [1] Financial Performance - For the first three quarters, China Shenhua reported revenue of 213.15 billion RMB, a year-on-year decrease of 16.6% [1] - The net profit attributable to shareholders was 41.37 billion RMB, down 13.8% year-on-year [1] - In the third quarter alone, the company achieved revenue of 75.04 billion RMB, a year-on-year decline of 13.1% but a quarter-on-quarter increase of 9.5% [1] - The net profit for the third quarter was 14.41 billion RMB, reflecting a year-on-year decrease of 6.2% but a quarter-on-quarter increase of 13.5% [1] Analyst Insights - According to a report from Zhongyin International, the net profit calculated under IFRS for the third quarter decreased by 6% to 14.7 billion RMB, while showing a quarter-on-quarter growth of 13% [1] - The strong performance of the power business is identified as a key driver for the quarterly growth [1] - The firm anticipates that by the fourth quarter of 2025, the company's earnings will stabilize quarter-on-quarter, as rising costs and unfavorable changes in coal sales structure will offset the benefits from increased coal prices [1]

Core Viewpoint - China Shenhua's stock has declined over 3% following the release of its financial results for the third quarter, indicating market concerns over its performance amid declining revenues and profits [1]. Financial Performance - For the first three quarters, China Shenhua reported revenue of 213.15 billion RMB, a year-on-year decrease of 16.6% [1]. - The profit attributable to the owners of the company was 41.37 billion RMB, down 13.8% year-on-year [1]. - In the third quarter alone, the company achieved operating revenue of 75.04 billion RMB, a year-on-year decline of 13.1% but a quarter-on-quarter increase of 9.5% [1]. - The net profit attributable to shareholders for the third quarter was 14.41 billion RMB, reflecting a year-on-year decrease of 6.2% but a quarter-on-quarter increase of 13.5% [1]. Analyst Insights - According to a report from Zhongyin International, the net profit calculated under IFRS for the third quarter decreased by 6% to 14.7 billion RMB, while showing a quarter-on-quarter growth of 13% [1]. - The strong performance of the power business is identified as a key driver for the quarterly growth [1]. - The firm anticipates that by the fourth quarter of 2025, the company's earnings will stabilize quarter-on-quarter, as rising costs and unfavorable changes in coal sales structure will offset the benefits from increased coal prices [1].

Core Viewpoint - China Shenhua Energy's net profit for the third quarter decreased by 6% year-on-year to 14.7 billion RMB, but increased by 13% quarter-on-quarter, driven by strong performance in the power business [1] Financial Performance - The company's net profit for Q3 2023 was 14.7 billion RMB, reflecting a 6% decline compared to the same period last year [1] - There was a 13% increase in net profit compared to the previous quarter [1] Business Segments - The strong quarterly growth was primarily attributed to the excellent performance of the power business [1] Future Outlook - The company is expected to maintain stable earnings in Q4 2025, as rising costs and unfavorable changes in coal sales structure will offset the benefits from rising coal prices [1] - Earnings forecasts for 2025 to 2027 have been raised by 7% to 10% due to strong earnings performance in Q3 2025 [1] Investment Rating - The rating remains at "Hold," with the target price increased from 39.48 HKD to 42.5 HKD [1]

中银国际发布研报称，中国神华（601088）能源(01088)第三季度净利润按国际财务报告准则(IFRS)计算 同比下降6%至147亿元人民币，但按季增长13%。电力业务的出色表现是其按季增长强劲的关键驱动 力。该行预计，2025年第四季公司盈利将按季持平，成本上升及煤炭销售结构不利变化将抵消煤炭价格 上涨带来的利好。由于2025年第三季度强劲的盈利表现，该行将2025至2027年盈利预测上调7至10%， 重申持有评级，并将目标价由39.48港元上调至42.5港元。 ...