证券代码：601666 证券简称：平煤股份 公告编号：2025-076 平顶山天安煤业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 08 日（星期一）至 09 月 12 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 pmgftzzgx@163.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 平顶山天安煤业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 15 日（星期一）11:00-12:00 举行 2025 年半年度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The coal price has been stabilizing after a downward trend, with significant declines in performance metrics observed in the first half of 2025. The coal sector reported a revenue of CNY 548.55 billion, down 19.5% year-on-year, and a net profit of CNY 52.76 billion, down 31.6% year-on-year [2][51]. - The report suggests that the bottom of coal enterprise profits is becoming apparent, indicating potential opportunities for recovery in the sector, especially as the market enters a phase of policy effect verification [9]. Summary by Sections Operating Conditions - In the first half of 2025, the coal sector's revenue was CNY 548.55 billion, a decrease of 19.5% year-on-year, with a net profit of CNY 52.76 billion, down 31.6% year-on-year. In Q2 2025, revenue was CNY 269.17 billion, down 19.6% year-on-year and 3.7% quarter-on-quarter, with a net profit of CNY 24.12 billion, down 35.5% year-on-year and 15.8% quarter-on-quarter [2][51]. Thermal Coal - The thermal coal segment saw a revenue of CNY 434.9 billion in the first half of 2025, a decline of 17% year-on-year. The average price for Q2 2025 was CNY 632 per ton, down 26% year-on-year and 12% quarter-on-quarter [7][6]. - The segment's net profit was CNY 51 billion, down 28% year-on-year, with a profit margin of 30.5% [7]. Coking Coal - The coking coal segment reported a revenue of CNY 831 billion in the first half of 2025, down 29% year-on-year. The average price for Q2 2025 was CNY 1,315 per ton, down 37% year-on-year and 9% quarter-on-quarter [8][6]. - The segment's net profit was CNY 31 billion, down 65% year-on-year [8]. Investment Recommendations - The report highlights potential recovery opportunities in the coal sector, recommending companies such as Yancoal Energy, Jinneng Holding, and China Shenhua Energy for their strong fundamentals and growth potential [9].

Core Viewpoint - The coal industry is experiencing a slight price decline in thermal coal, with the Qinhuangdao Q5500 thermal coal closing price at 690 RMB/ton as of August 29, marking a decrease of 14 RMB/ton or 1.99% from the previous period. This is the first time the price has fallen below 700 RMB after a rebound above that level. The upcoming demand for non-electric coal during the "golden September and silver October" period is expected to be a highlight for the market [1][2]. Group 1: Thermal Coal Market - As of August 29, the Qinhuangdao Q5500 thermal coal price is 690 RMB/ton, down 14 RMB/ton or 1.99% from the previous week, marking a return below 700 RMB after a recent rebound [1][2]. - The current market is transitioning from summer to autumn, with a decrease in daily consumption by power plants, but the demand for non-electric coal is anticipated to rise in the coming months [1][2]. - Key supportive factors for a potential rebound in coal prices include low operating rates at coal mines, with a reported operating rate of 79.9% for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia, down 1.8 percentage points [1][2]. Group 2: Coking Coal Market - As of August 29, the price of coking coal at Jingtang Port is 1610 RMB/ton, rebounding from a low of 1230 RMB/ton in early July. Coking coal futures have seen a significant increase from 719 RMB in early June to 1151 RMB, a cumulative rise of 60.1% [1][2]. - The coking coal market is characterized by strong expectations but weak realities, with supply tightening due to regulatory measures on overproduction [1][2]. Group 3: Investment Logic - The investment logic suggests that both thermal and coking coal prices are at a turning point, with expectations for thermal coal prices to recover to long-term contract prices around 700 RMB. The forecast for thermal coal prices to reach 750 RMB by 2025 is based on the profitability balance for coal and power companies [2]. - The target prices for coking coal are derived from the price ratio between coking coal and thermal coal, with current ratios indicating target prices of 1608 RMB, 1680 RMB, 1800 RMB, and 2064 RMB for coking coal corresponding to various target prices for thermal coal [2]. Group 4: Investment Recommendations - The coal sector is viewed as having dual attributes of cyclical and dividend potential, with current low holdings indicating an opportune time for investment. Four main lines of stock selection are recommended: - Cycle logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [8] Core Views - The coal price has dropped below 700 RMB/ton, but the bottom is expected to be established due to tightening supply under the "anti-involution" context, leading to potential profit recovery for coal companies in the future [6][7] - Short-term excess returns in the coal sector may not be significant, but the probability of achieving absolute returns is high, with a focus on long-term investment opportunities in companies like Yanzhou Coal Mining Company, China Power Investment Corporation, Lu'an Mining, and Shaanxi Coal and Chemical Industry [6][7] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze River) fell by 2.71%, underperforming the CSI 300 index by 5.42 percentage points, ranking last among all sectors [13] - As of August 29, the market price for Qinhuangdao thermal coal was 690 RMB/ton, down 14 RMB/ton week-on-week [13] Supply and Demand Situation - As of August 28, the daily coal consumption in 25 provinces was 602.7 million tons, down 6.2% week-on-week [14] - The available days of inventory for power plants in these provinces increased to 19.8 days, up 1.1 days week-on-week [14] Price Trends - The report indicates that the price of thermal coal is expected to stabilize and potentially rise to 700-750 RMB/ton due to limited supply and upcoming replenishment demand [6][14] - The average price of thermal coal in Q3 2025 is projected to improve, with the average price as of August 29 being 663 RMB/ton, an increase of 5% from Q2 [6][7] Company Performance - Major coal companies reported significant profit declines in Q2 2025 due to falling coal prices, but profits are expected to recover in Q3 2025 [6][7] - Specific companies highlighted for potential investment include Yanzhou Coal Mining Company, China Shenhua Energy, and Shaanxi Coal and Chemical Industry, which are seen as stable profit leaders [7]

Core Viewpoint - In the first half of 2025, the company experienced a significant decline in revenue and net profit, primarily due to decreased coal sales and prices, despite effective cost control measures [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 10.1 billion yuan, a year-on-year decrease of 38% [1] - The net profit attributable to shareholders was 260 million yuan, down 82% year-on-year [1] - The weighted average return on equity was 0.97%, a decrease of 4.03 percentage points year-on-year [1] - In Q2 2025, revenue was 4.7 billion yuan, a quarter-on-quarter decline of 13% and a year-on-year decline of 41% [1] - The net profit for Q2 was 110 million yuan, down 30% quarter-on-quarter and 84% year-on-year [1] Group 2: Coal Business Performance - In H1 2025, coal sales and prices decreased, impacting overall performance, although cost control was effective with a 20% year-on-year reduction in coal cost per ton [2] - The company produced 14.53 million tons of raw coal in H1 2025, an increase of 2% year-on-year, while the sales volume of commercial coal was 11.74 million tons, down 13% year-on-year [2] - The unit selling price of commercial coal in H1 2025 was 768 yuan/ton, a decrease of 29% year-on-year [2] - The cost per ton of coal was 619 yuan, down 20% year-on-year, with a gross profit of 149 yuan per ton, a decrease of 53% year-on-year [2] - In Q2 2025, the unit selling price of commercial coal increased to 774 yuan/ton, up 1% quarter-on-quarter [2] - The gross profit per ton of coal in Q2 was 151 yuan, an increase of 2% quarter-on-quarter [2] Group 3: Strategic Developments - The company is implementing a strategy to acquire high-quality coal resources, having acquired 60% of Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan, which has an annual coal production capacity of 1.2 million tons [3] - In October 2024, the company successfully obtained exploration rights for the Tarcheng Baiyanghe Mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [3] - The ongoing acquisition of quality coal resources is expected to enhance the company's resource continuity and positively impact future performance as new production capacity is gradually released [3] Group 4: Profit Forecast and Investment Rating - The company forecasts revenues of 24.3 billion yuan, 25.5 billion yuan, and 26.9 billion yuan for 2025-2027, with year-on-year changes of -20%, +5%, and +5% respectively [3] - The net profit attributable to shareholders is projected to be 600 million yuan, 1.2 billion yuan, and 1.8 billion yuan for the same period, with year-on-year changes of -75%, +105%, and +50% respectively [3] - The earnings per share (EPS) are expected to be 0.24 yuan, 0.50 yuan, and 0.74 yuan, corresponding to price-to-earnings ratios of 32, 16, and 10 times [3] - The investment rating is maintained at "Accumulate" considering the current stabilization of coking coal prices [3]

平顶山天安煤业股份有限公司 会议资料 未公开披露 平顶山天安煤业股份有限公司 平顶山天安煤业股份有限公司 会议资料 目 录 平顶山天安煤业股份有限公司 会议资料 关于取消监事会并修订《公司章程》及其附件的议案 各位股东： 根据中国证券监督管理委员会《关于新公司法配套制度规则实施 相关过渡期安排》《上市公司章程指引（2025 年修订）》《上市公 司股东会规则（2025 年修订）》等相关法律法规、规范性文件的有 关规定，拟取消公司监事会，并由董事会审计委员会行使新《公司法》 规定的监事会职权。公司董事会对《平顶山天安煤业股份有限公司章 程》（下称"《公司章程》"）及其附件《平顶山天安煤业股份有限 公司股东会议事规则》（下称"《股东会议事规则》"）《平顶山天 安煤业股份有限公司党委会议事规则》（下称"《党委会议事规则》" 《平顶山天安煤业股份有限公司董事会议事规则》（下称"《董事会 议事规则》"）相关条款进行对应修订，《平顶山天安煤业股份有限 公司监事会议事规则》相应废止。现将本次修订情况汇报如下： 一、对《公司章程》《股东会议事规则》《党委会议事规则》《董 事会议事规则》全文中涉及"监事会""监事"的相关表述均予 ...

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

Core Viewpoint - The financial performance of Pingmei Shenma Group Co., Ltd. (平煤股份) for the first half of 2025 shows significant declines in revenue and profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 10.12 billion yuan, a decrease of 37.95% year-on-year [1]. - Net profit attributable to shareholders was 258 million yuan, down 81.53% year-on-year [1]. - The gross profit margin was 18.42%, reflecting a decline of 30.26% compared to the previous year [1]. - The net profit margin was 2.16%, a significant drop of 76.87% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.011 billion yuan, accounting for 9.99% of revenue, which is an increase of 9.47% year-on-year [1]. - Earnings per share decreased to 0.1 yuan, down 83.22% from the previous year [1]. Cash Flow and Debt Analysis - The company reported operating cash flow per share of 0.16 yuan, a decline of 91.4% year-on-year [1]. - The ratio of cash and cash equivalents to current liabilities was only 43.08%, indicating potential liquidity concerns [3]. - The interest-bearing debt increased to 29.305 billion yuan, a rise of 30.25% year-on-year [1]. Accounts Receivable Concerns - Accounts receivable stood at 2.508 billion yuan, down 31.19% year-on-year, but the ratio of accounts receivable to net profit reached 106.75%, raising concerns about collection efficiency [1][3]. Investment Sentiment - Analysts expect the company's performance for 2025 to improve slightly, with projected earnings of 669 million yuan and an average earnings per share of 0.27 yuan [3]. - Several funds have increased their holdings in Pingmei Shenma, indicating some level of confidence in the company's future performance despite current challenges [4].

Market Overview - The Shanghai Composite Index rose by 1.14% on August 28, with 22 out of 28 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.14% and 5.53% respectively [1] - The coal industry was the biggest loser of the day, declining by 0.81% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 44.34 billion yuan, with five sectors seeing net inflows [1] - The electronics sector had the highest net inflow of funds, totaling 10.55 billion yuan, while the communication sector followed with a net inflow of 4.99 billion yuan [1] Coal Industry Performance - The coal industry saw a net outflow of 9.87 million yuan, with 37 stocks in the sector; 11 stocks rose while 20 fell [2] - The top three stocks with the highest net inflow in the coal sector were Meijin Energy (1.09 billion yuan), China Coal Energy (630.63 million yuan), and Yunwei Co. (233.41 million yuan) [2] - The stocks with the largest net outflows included Yongtai Energy (809.07 million yuan), China Shenhua (744.96 million yuan), and Pingmei Shenma (424.84 million yuan) [2] Individual Stock Performance - The coal sector's fund flow ranking showed that Meijin Energy had the highest increase of 5.43%, while China Shenhua and Pingmei Shenma saw declines of 0.86% and 0.88% respectively [3] - Other notable stocks included Shanxi Coking Coal, which fell by 1.11%, and Shaanxi Coal and Chemical Industry, which dropped by 4.96% [2][3]

Core Viewpoint - Pingmei Shenhua Coal Industry Co., Ltd. announced its plan to utilize the shareholder meeting reminder service provided by Shanghai Stock Exchange Information Network Co., Ltd. to actively remind shareholders to participate in voting through intelligent SMS and other means [1] Group 1 - The company will delegate Shanghai Stock Exchange Information to send meeting invitations and agenda information to each shareholder based on the shareholder register on the record date [1]