郑州煤电(600121.SH)：超化煤矿停止生产

Core Viewpoint - Zhengzhou Coal Power (600121.SH) has decided to cease production at the Chao Hua Coal Mine due to the depletion of resources, operational risks, and the need to optimize the company's industrial structure [1][2] Group 1: Company Decision - The decision to stop production was approved by the company's board after careful consideration of the mine's resource status, mining conditions, and future prospects [1] - The Chao Hua Coal Mine, located in Xinmi City, Henan Province, has a production capacity of 1.2 million tons per year and primarily produces low-quality coal [1] Group 2: Resource Assessment - The mine is in the late-stage recovery phase, with approximately 4.38 million tons of recoverable reserves remaining, distributed mainly in the eastern part of the 31 mining area and the deep part of the 22 mining area [1] - The eastern part of the 31 mining area has 2.33 million tons of recoverable reserves but has been closed since 2018 due to high mining difficulty [1] - The deep part of the 22 mining area has 2.05 million tons of recoverable reserves, facing significant challenges such as water hazards and complex geological structures, making future mining economically unviable [1] Group 3: Financial Implications - The cessation of operations at the Chao Hua Coal Mine is expected to reduce the company's loss sources, optimize resource allocation, and improve operational efficiency [2] - The company will need to recognize an impairment provision of approximately 311 million yuan for fixed assets related to the mine, which will directly reduce the net profit attributable to shareholders by the same amount in 2025 [2]