山西潞安环保能源开发股份有限公司 二○二四年度股东会会议资料 | 会议须知 I | | --- | | 会议议程 III | | 二○二四年度董事会工作报告 - 1 - | | 二○二四年度监事会工作报告 - 17 - | | 二○二四年度独立董事武惠忠工作报告 - 22 - | | 二○二四年度独立董事杨瑞平工作报告 - 28 - | | 二○二四年度独立董事刘渊工作报告 - 33 - | | 二○二四年度独立董事张志敏工作报告 - 40 - | | 关于审议公司《二○二四年度报告及摘要》的议案 - 46 - | | 关于审议公司《二○二四年度财务决算报告》的议案 - 47 - | | 议案 - 56 - | | 关于公司二○二四年度利润分配的议案 - 84 - | | 关于为控股子公司提供财务资助的议案 - 85 - | | 的议案 - 97 - | | 关于公开发行公司债券的议案 - 102 - | | 关于公司申请注册发行中期票据的议案 - 108 - | | 关于潞安集团财务有限公司为我公司提供金融服务的议案 - 111 - | | 关于续聘二○二五年度审计机构的议案 - 115 - | | 116 ...

证券代码：601699 股票简称：潞安环能 公告编号：2025-009 山西潞安环保能源开发股份有限公司 第八届监事会第五次会议决议公告 本公司监事会及全体监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个别及连带责任。 一、 监事会会议召开情况： 山西潞安环保能源开发股份有限公司（以下简称"公司"）第八 届监事会第五次会议于 2025 年 4 月 27 日在公司会议室以现场结合通 讯方式召开。会议通知已于 2025 年 4 月 17 日以通讯方式向全体监事 发出。本次会议应出席监事 7 名，实际出席 7 名。 本次会议由公司监事会主席张国印先生主持。本次会议的召集和 召开符合《公司法》、《上海证券交易所股票上市规则》等法律法规、 部门规章、规范性文件及《公司章程》的相关规定。 以同意 7 票、反对 0 票、弃权 0 票通过该议案 本议案需提交股东会审议 二、监事会会议审议情况 本次监事会审议并通过以下决议： （一）《二○二四年度监事会工作报告》 以同意 7 票、反对 0 票、弃权 0 票通过该议案 本议案需提交股东会审议 （二）关于审核公司《二○二四年度 ...

证券代码：601699 股票简称：潞安环能 公告编号：2025-008 山西潞安环保能源开发股份有限公司 第八届董事会第八次会议决议公告 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个别及连带责任。 一、 董事会会议召开情况： 山西潞安环保能源开发股份有限公司（以下简称"公司"）第八 届董事会第八次会议于 2025 年 4 月 27 日在公司会议室以现场方式召 开。会议通知已于 2025 年 4 月 17 日以通讯方式向全体董事发出。本 次会议应出席董事 9 名，实际出席 9 名。 会议由公司董事长王志清先生主持，公司 5 名监事列席会议。本 次会议的召集和召开符合《公司法》、《上海证券交易所股票上市规则》 等法律法规、部门规章、规范性文件及《公司章程》的相关规定。 二、 董事会会议审议情况： （一）《二○二四年度董事会工作报告》 以同意 9 票、反对 0 票、弃权 0 票通过该议案 本议案需提交股东会审议 （二）《二○二四年度独立董事武惠忠工作报告》 报告具体内容见上海证券交易所网站 www.sse.com.cn。 以同意 9 票、 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,967,788,255.54, a decrease of 19.53% compared to ¥8,659,034,728.96 in the same period last year[2]. - Net profit attributable to shareholders was ¥657,428,011.58, down 48.95% from ¥1,287,852,801.45 year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥672,127,390.15, a decrease of 47.68% compared to ¥1,284,675,721.42 in the previous year[2]. - Basic earnings per share were ¥0.22, down 48.84% from ¥0.43 year-on-year[3]. - Net profit for Q1 2025 was CNY 560,655,726.85, a decline of 63.5% from CNY 1,534,401,207.40 in Q1 2024[16]. - Earnings per share for Q1 2025 was CNY 0.22, compared to CNY 0.43 in Q1 2024, indicating a 48.8% decrease[16]. - The total comprehensive income for Q1 2025 was approximately ¥620.99 million, down from ¥761.78 million in Q1 2024[26]. Cash Flow - The net cash flow from operating activities was -¥2,420,460,514.73, a decline of 54.67% from -¥1,564,883,331.76 in the same period last year[2]. - Cash flow from operating activities for Q1 2025 was -2,420,460,514.73 RMB, compared to -1,564,883,331.76 RMB in Q1 2024, indicating a decline in cash flow[19]. - The company's operating cash flow for Q1 2025 was negative at approximately -¥2.43 billion, compared to -¥1.39 billion in Q1 2024[28]. - The company experienced a decrease in cash inflow from operating activities, totaling approximately ¥3.60 billion in Q1 2025, compared to ¥4.66 billion in Q1 2024[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥79,276,356,538.61, a decrease of 1.26% from ¥80,284,929,568.91 at the end of the previous year[3]. - The company's total assets as of March 31, 2025, amounted to 79.28 billion RMB, a decrease from 80.28 billion RMB at the end of 2024[12][13]. - Total liabilities decreased to CNY 30,339,520,377.95 in the latest reporting period from CNY 32,309,090,472.77 in the previous period, a reduction of 6.1%[14]. - The total liabilities decreased to 29,012,997,711.50 RMB as of March 31, 2025, from 30,905,181,351.15 RMB at the end of 2024[22]. - The company's total liabilities include accounts payable of 12.80 billion RMB and other payables of 2.48 billion RMB[13]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 74,930[8]. - The total equity increased to CNY 48,936,836,160.66 from CNY 47,975,839,096.14, reflecting a growth of 2.0%[14]. - The company's total equity increased to 30,941,250,117.55 RMB as of March 31, 2025, from 30,188,126,595.84 RMB at the end of 2024[23]. Operational Metrics - The company produced 13.57 million tons of raw coal and sold 11.87 million tons of commercial coal, achieving a sales revenue of 644.39 million RMB[10][11]. - The average selling price of commercial coal was 542.80 RMB per ton[11]. - The company’s inventory decreased to 245,067,549.25 RMB in Q1 2025 from 344,276,352.02 RMB in Q4 2024, indicating a reduction of approximately 28.8%[21]. - The company’s cash inflow from sales of goods and services was 6,631,329,539.54 RMB in Q1 2025, down from 8,088,803,914.66 RMB in Q1 2024, representing a decline of about 17.9%[19]. Investment and R&D - The company reported an investment income of CNY 39,177,565.44 in Q1 2025, significantly higher than CNY 2,453,976.70 in Q1 2024[15]. - Research and development expenses for Q1 2025 were CNY 188,846,677.21, slightly down from CNY 194,767,358.73 in Q1 2024[15]. - Research and development expenses for Q1 2025 were approximately ¥169.86 million, slightly down from ¥171.63 million in Q1 2024[25]. Future Outlook - Future outlook includes potential market expansion and new product development strategies, although specific details were not disclosed in the current report[18].

Financial Performance - The company's operating revenue for 2024 was CNY 35.85 billion, a decrease of 16.89% compared to CNY 43.14 billion in 2023[20]. - The net profit attributable to shareholders for 2024 was CNY 2.45 billion, down 69.08% from CNY 7.92 billion in 2023[20]. - Basic earnings per share for 2024 were CNY 0.82, reflecting a decline of 69.06% from CNY 2.65 in 2023[21]. - The weighted average return on equity decreased to 5.20% in 2024, down 11.17 percentage points from 16.37% in 2023[21]. - The net cash flow from operating activities for 2024 was CNY 4.96 billion, a decrease of 43.92% compared to CNY 8.85 billion in 2023[20]. - Total assets at the end of 2024 were CNY 80.28 billion, down 7.47% from CNY 86.76 billion at the end of 2023[20]. - The net assets attributable to shareholders decreased by 3.86% to CNY 46.20 billion at the end of 2024 from CNY 48.06 billion at the end of 2023[20]. - The company reported non-recurring gains of CNY 65.24 million in 2024, compared to CNY 32.27 million in 2023[25]. - The company experienced a significant decline in quarterly net profit, with a loss of CNY 348.84 million in Q4 2024[23]. Production and Sales - In 2024, the company achieved a raw coal production of 57.57 million tons and a sales volume of 52.25 million tons, generating operating revenue of 35.85 billion yuan and a total profit of 4.107 billion yuan, with earnings per share of 0.82 yuan[30]. - The average selling price of commodity coal was 645.64 RMB per ton, reflecting a decrease due to lower market prices and reduced sales volume[43]. - The company's total operating revenue decreased by 16.89% year-on-year to approximately 35.85 billion RMB, primarily due to the decline in commodity coal prices and sales volume[44]. - The company achieved a coal chemical industry consumption growth of 8.3% year-on-year, driven by increased demand and favorable policies[39]. - The total operating revenue for the coal mining sector was approximately CNY 33.73 billion, a decrease of 15.68% year-on-year, with a gross margin of 39.48%[47]. - The total operating revenue for the coking industry was approximately CNY 1.66 billion, a decrease of 40.77% year-on-year, with a gross margin of -18.72%[47]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 0.41 CNY per share (including tax) based on a total share capital of 2,991,409,200 shares as of December 31, 2024[6]. - The total cash dividend amount for the recent fiscal year is CNY 1,226,477,772, which represents 50.07% of the net profit attributable to ordinary shareholders[113]. - Over the last three fiscal years, the cumulative cash dividend amount is CNY 14,505,343,210.80, with a cash dividend ratio of 177.28% relative to the average annual net profit of CNY 8,181,963,889.94[115]. Governance and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[4]. - The company has not reported any instances where more than half of the board members could not guarantee the report's authenticity[7]. - The company has established a management system for subsidiaries to ensure compliance with corporate governance and financial management standards[118]. - The company is committed to improving internal control and governance systems to enhance operational efficiency and protect investor interests[82]. Environmental and Social Responsibility - The company has invested CNY 38,500,000 in environmental protection during the reporting period[120]. - The company actively fulfilled its social responsibilities, hiring 2,482 new employees and donating 30.94 million yuan to local economic development[37]. - The company implemented carbon reduction measures that resulted in a total reduction of 280,499 tons of CO2 equivalent emissions through the use of clean energy and carbon reduction technologies[140]. - Total investment in social responsibility projects amounted to 70.69 million yuan, including 30.94 million yuan in cash donations and 39.75 million yuan in material assistance[142]. Future Outlook and Strategy - The company aims to maintain coal production at a scale of 50 million tons and achieve operating revenue exceeding 30 billion yuan in 2025[69]. - The company plans to implement a "variety coal expansion and market expansion" strategy to increase the proportion of high-efficiency coal and enhance its market position[69]. - The company is focusing on green development by applying new green mining technologies and promoting comprehensive utilization of coal mine gas[71]. - The company is committed to zero safety production accidents and minimizing environmental pollution risks in its operations[69]. Risks and Challenges - The company acknowledges potential uncertainties in achieving its 2025 operational targets due to coal industry policies and supply-demand factors[7]. - The company faces risks related to industry cycles and market fluctuations, with a high dependency on coal prices impacting revenue and profit margins[79]. - The company acknowledges safety production and environmental policy risks, which could increase operational costs and affect coal production[80].

证券代码：601699 股票简称：潞安环能 公告编号：2025-012 山西潞安环保能源开发股份有限公司 关于 2024 年度利润分配预案的公告 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个别及连带责任。 重要内容提示： ●每股分配比例：每股派发现金红利 0.41 元（含税），不进行送股和公积 金转增股本。 ●本次利润分配将以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前本公司总股本发生变动的，公司拟以实 施权益分派股权登记日的总股本为基准，维持每股分配金额不变，相应调整利 润分配总额。 ●本次利润分配不会导致公司触及《上海证券交易所股票上市规则》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一.公司 2024 年度利润分配预案 （一）利润分配方案的具体内容 经立信会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，公 司母公司报表中期末未分配利润为 19,530,246,850.58 元。本次利润分配方案如 下： - ...

Investment Rating - The report rates the coal industry as "Positive" [1] Core Viewpoints - The coal sector has faced pressure due to volume and price impacts, with a need to wait for demand recovery [1] - The overall performance of the coal sector has lagged behind the CSI 300 index, with a decline of 0.76% compared to a 0.38% increase in the index [3] - The report anticipates short-term downward pressure on coal prices, with a potential rebound expected around mid-May [7] Summary by Sections Market Performance - The coal sector's year-to-date decline is 12.51%, underperforming the CSI 300 index by 8.75 percentage points [25] - The sector's price-to-earnings ratio (TTM) is 11.18, showing a slight increase of 0.45 from the previous week [25] - Among 37 A-share stocks in the coal sector, 14 saw price increases, while 22 experienced declines [26] Supply and Demand - Average daily coal sales from monitored enterprises reached 7.24 million tons, a week-on-week increase of 5.4% but a year-on-year decrease of 2.8% [3] - Total coal inventory at monitored enterprises was 33.34 million tons, a week-on-week decrease of 3.7% and a year-on-year increase of 28.4% [3] - The report notes that electricity and chemical industries have seen coal consumption changes, with electricity down by 5.2% and chemicals up by 17% year-on-year [3] Price Trends - The price index for thermal coal (Q5500K) remains stable at 678 CNY/ton, while the imported thermal coal price index increased by 0.95% to 849 CNY/ton [4] - The report highlights a downward trend in prices for both thermal and coking coal, with expectations for price recovery during peak demand seasons [7] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [7] - It also recommends attention to coking coal companies like Huaibei Mining and Lu'an Environmental Energy, as well as coking companies with improved profits like Jinneng Technology and Meijin Energy [7]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining sector, indicating a positive outlook for the industry in the near term [5]. Core Insights - Non-electric demand for coal remains high, with a focus on the recovery of thermal coal demand during the peak season. The average daily pig iron output from 247 blast furnaces reached 2.4442 million tons, up 1.8% week-on-week and 6.8% year-on-year, marking the highest level for the same period in the past five years [1]. - Cement clinker capacity utilization is at 58.2%, up 9.6 percentage points year-on-year, significantly higher than the same period last year [1]. - The Ministry of Finance has arranged for a total of 1.3 trillion yuan in ultra-long special bonds this year, an increase of 300 billion yuan compared to 2024, with 800 billion yuan allocated for greater support of "two heavy" projects, suggesting that infrastructure investment growth will remain high, supporting non-electric coal demand [1]. Summary by Sections Coal Price Trends - The average closing price of thermal coal at Qinhuangdao Port (5500 kcal weekly average) was 658 yuan/ton, down 6 yuan/ton (-0.90%) week-on-week [2]. - The average price of mixed thermal coal at the pit in Yulin, Shaanxi (5800 kcal) was 521 yuan/ton, down 11 yuan/ton (-2.07%) week-on-week [2]. - The FOB price of thermal coal in Newcastle, Australia (5500 kcal weekly average) was 71 USD/ton, up 0.11% week-on-week [2]. Production and Utilization Rates - The operating rate of 110 sample coal washing plants (approximately 50% of national washing capacity) was 63.0%, up 1.1 percentage points week-on-week but down 4.1 percentage points year-on-year, remaining at a low level for the same period in five years [3]. - The capacity utilization rate of 247 blast furnaces was 91.60%, up 1.45 percentage points week-on-week and 6.07 percentage points year-on-year [3]. Inventory Levels - As of April 25, coal inventory at Qinhuangdao Port was 6.89 million tons, up 0.58% week-on-week and up 35.63% year-on-year, remaining at a high level for the same period [4]. - The total coal inventory at ports in the Bohai Rim was 31.099 million tons, down 2.66% week-on-week but up 32.63% year-on-year [4]. Investment Recommendations - Given the recent significant declines in oil and gas prices, coal prices have shown resilience. The report suggests that the further downside for port thermal coal prices is limited, considering that the current port spot prices are below long-term contract prices. It is recommended to adopt a defensive approach towards the sector, favoring companies with high long-term contract ratios and stable profitability, such as China Shenhua and China Coal Energy [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of coal allocation, highlighting a stable economic environment as indicated by the political bureau meeting, which focuses on stability [1][3] - The coal sector is viewed as entering a "Golden Era 2.0," with core value assets expected to rise again due to favorable macroeconomic policies and capital market support [4][12] - The report suggests that coal stocks are attractive for both stable dividend investment and cyclical rebound potential, with expectations of improved demand and prices following policy implementations [4][12] Summary by Sections Investment Logic - The coal sector is seen as a stable dividend investment due to weak domestic economic performance and favorable international monetary policies [4][12] - The cyclical rebound potential is highlighted, with both thermal and coking coal prices expected to stabilize and rebound as supply-demand fundamentals improve [4][12] - The report identifies key coal stocks that are likely to benefit from these trends, categorized into dividend logic, cyclical logic, diversified aluminum elasticity, and growth logic [4][12] Key Indicators Overview - The coal market experienced a slight decline of 0.63%, underperforming the CSI 300 index by 1.02 percentage points [7][9] - The current PE ratio for the coal sector is 10.6, and the PB ratio is 1.2, indicating relatively low valuations compared to other sectors [9] Thermal Coal Industry Chain - As of April 25, the price of Qinhuangdao Q5500 thermal coal is 655 CNY/ton, down 1.21% from the previous week [15] - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81%, reflecting a slight decrease [15] - The total inventory at ports in the Bohai Rim is 31.09 million tons, down 2.66% from the previous week [15] Coking Coal Industry Chain - The price of main coking coal at the Jing Tang port remains stable at 1380 CNY/ton [16] - The average daily pig iron production from major steel mills is 2.444 million tons, showing a week-on-week increase [16] - The profitability of major steel mills has improved, supporting the demand for coking coal [16]