9月23日，邮储银行（601658）发布公告称，该行将吸收合并下属全资子公司中邮邮惠万家银行有限责 任公司(以下简称邮惠万家银行)。 根据公告，本次吸收合并完成后，邮惠万家银行的独立法人资格依法注销，邮惠万家银行的全部业务、 财产、债权债务以及其他各项权利义务由邮储银行承继，邮惠万家银行客户的相关权利和义务均不受影 响，已合法签署的合同、协议继续有效。 业内人士指出，随着多家银行陆续整合旗下直销银行或数字金融子公司，行业正从初期的"多点试验"转 向当前的"全面融合"。 成立还不满4年时间 邮惠万家银行成立于2022年1月，注册资本50亿元，是邮储银行全资子公司。邮惠万家银行定位于"服务 三农、助力小微、普惠大众"，依托"数据+场景"，构建开放共享的数字普惠金融服务模式，不仅丰富了 邮储银行服务场景，也为该行数字化转型积累了宝贵经验。 公告显示，邮惠万家银行为邮储银行全资子公司，其财务报表已按100%比例纳入邮储银行的合并报表 范围，本次吸收合并不会对邮储银行的财务状况和经营成果产生实质性影响，也不会损害该行及全体股 东的利益。 长远来看，业内人士分析，邮储银行所承接的邮惠万家银行的存量贷款、存款和资金，业务规 ...

2025.09. 24 对于吸收合并背景，邮储银行在公告中表示，近年来，该行不断加大金融科技投入，数字化和集约化 能力快速提升，以手机银行为主要服务渠道的格局已经形成，线上综合服务能力大幅增强。本次吸收 合并是为有效利用资源，降低全行运营成本。 公开资料显示，邮惠万家银行成立于2022年1月，注册资本50亿元，是邮储银行全资子公司，定位 于"服务三农、助力小微、普惠大众"。 有市场人士分析认为，直销银行初期以其线上化、低成本特性受到关注，但如今其独立存在价值已被 大幅稀释。与功能日益强大的手机银行相比，直销银行在产品同质化、获客成本高等方面面临挑战， 难以满足市场对一站式、全场景金融服务的需求。 据记者不完全统计，近年来，已有超20家银行陆续关停或整合直销银行业务，体现出银行业向"一体 化运营"转变的趋势。 邮储银行在公告中表示，本次吸收合并有助于进一步优化邮储银行管理及业务架构，巩固数字化转型 成效，提高运营效率，降低管理成本。 本文字数：938，阅读时长大约1.5分钟 作者 | 第一财经 亓宁 又一家直销银行退场。9月23日，邮储银行（601658.SH，01658.HK）发布公告宣布将吸收合并下 属全资 ...

9月23日，中国邮政储蓄银行（以下简称"邮储银行"）发布公告，吸收合并下属全资子公司中邮邮 惠万家银行有限责任公司（以下简称"邮惠万家银行"）。 公告显示，本次吸收合并完成后，邮惠万家银行的独立法人资格依法注销，邮惠万家银行的全部业 务、财产、债权债务以及其他各项权利义务由邮储银行承继，邮惠万家银行客户的相关权利和义务均不 受影响，已合法签署的合同、协议继续有效。邮惠万家银行财务报表已按100%比例纳入邮储银行的合 并报表范围。 据了解，邮储银行此次调整并非个例，此前已有多家银行陆续整合旗下直销银行或数字金融子公 司，行业正从初期的"多点试验"转向当前的"全面融合"。业内人士认为，部分直销银行的退场，并非数 字化探索的停滞，而是银行业发展逻辑从"粗放式渠道扩张"转向"精细化生态深耕"，标志着包括邮储银 行在内的银行业数字化发展进入深度整合阶段。 邮储银行在公告中也表示，本次吸收合并将有助于进一步优化邮储银行管理及业务架构，巩固数字 化转型成效，提高运营效率，降低管理成本。 从此次吸收合并邮惠万家银行的行动能够看出，邮储银行数字化转型赋能业务发展的战略定力始终 未变。近年来，该行相继完成了新一代个人业务核心系统 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Period**: First half of 2025 Key Financial Performance - **Net Profit**: 24.6 billion CNY, with earnings per share of 1.24 CNY [2][5] - **Operating Cash Flow**: 45.8 billion CNY [2] - **Total Profit**: 37.6 billion CNY, a year-on-year decline of 8.6%, outperforming the industry average [2][5] - **Coal Production**: 165 million tons, with sales of 205 million tons [2][5] - **Total Power Generation**: 98.8 billion kWh [2][5] - **Gross Profit Margin**: Increased by 2.9 percentage points [5] Operational Highlights - **Integrated Operations**: Focus on maximizing overall efficiency and ensuring stable sales profits through flexible adjustments [6] - **Cost Control**: Unit production cost decreased by 7% to 177 CNY per ton [9] - **New Resource Injections**: Acquired additional resources of 3.82 billion tons from Taranghaler and Dayan mines, and 3.49 billion tons from Xinjie mine [2][6] Market Conditions - **Coal Market**: Overall supply was loose, with industrial raw coal production at 2.4 billion tons, a 5.4% year-on-year increase [3] - **Coal Consumption**: Stable, with significant growth in chemical coal usage, while power and construction sectors saw a decline [3] - **Electricity Generation**: Thermal power generation decreased by 2.4% year-on-year, but still accounted for 64.8% of total generation [3] Strategic Initiatives - **Mid-Year Dividend**: First implementation of a mid-term dividend of 0.98 CNY per share, with a payout ratio of 79% [4][5] - **Acquisition Plans**: Ongoing acquisition of 13 target assets from the controlling shareholder, aimed at enhancing integrated operational capabilities [2][8][10] - **Project Development**: Continued progress on key projects, including new coal mines and power generation facilities, with several expected to commence operations in the second half of 2025 [7][13][15] Future Outlook - **Cost Guidance**: Full-year coal cost growth is expected to be no more than 6%, with potential for better-than-target outcomes [4][12] - **Electricity Price Trends**: Anticipated stability in electricity prices, with potential slight declines due to increased competition from renewable energy sources [18] - **Transportation Projects**: Key transportation projects are on track, with various completion dates ranging from 2026 to 2029 [22] Additional Insights - **Diverse Operations**: The company has a significant advantage in coal-fired power generation, with average utilization hours of 2,143, exceeding industry averages [9] - **Import Coal Usage**: Limited use of imported coal, primarily in coastal regions, with only 2.2 million tons sold in the first half of 2025 [17] - **Market Adaptability**: The company is prepared to adjust its coal procurement strategies based on market conditions and pricing advantages [23]

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 8 月 30 日在上海證券交 易所網站(www.sse.com.cn)刊登的「2025 年第一次臨時股東大會決議 公告」等文件，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 8 月 29 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2025-053 中国神华能源股份有限公司 2025年第一次临时股东大会决议公告 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 ...

中国神华能源股份有限公司 2025 年半年度报告 公司代码：601088 公司简称：中国神华 中国神华能源股份有限公司 重要提示 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 中国神华能源股份有限公司 2025 年半年度报告 目 录 | | 中国神华能源股份有限公司 | 2025 年半年度报告 | | --- | --- | --- | | | | 第一节 释义 | | | | 在本报告中，除非文义另有所指，下列词语具有如下含义： | | 中国神华/本公司/公司 | | 指 中国神华能源股份有限公司 | | 本集团 | 指 | 本公司及其下属子公司 | | 国家能源集团公司 | | 指 国家能源投资集团有限责任公司 | | 国家能源集团 | | 指 国家能源集团公司及其下属子公司（不含本集团） | | 神东煤炭 | 指 | 国能神东煤炭集团有限责任公司 | | 神东电力 | 指 | 神华神东电力有限责任公司 | | 准格尔能源 | 指 | 神华准格尔能源有限责任公司 | | 宝日希勒能源 | | 指 国能宝日希勒 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][13] Core Views - The company is initiating a large-scale asset acquisition to strengthen its integrated operational moat, purchasing coal, coal power, and coal chemical assets from the National Energy Group and Western Energy [4][5] - The expected net profit for 2025-2027 is adjusted to 51.31 billion, 53.08 billion, and 53.54 billion yuan respectively, reflecting a year-on-year change of -12.5%, +3.5%, and +0.9% [4][7] - The company maintains a sustainable high dividend policy, with a minimum cash dividend ratio of no less than 65% planned for 2025-2027 [6] Financial Summary - Total revenue for 2025 is estimated at 336.5 billion yuan, with a slight decrease from previous years [7][9] - The company's return on equity (ROE) is projected to be around 10.8% in 2025, down from 14.5% in 2023 [7][9] - The company has a strong cash position with 142.4 billion yuan in cash as of 2024, supporting its cash payments for acquisitions [6][9] Asset Acquisition Details - The acquisition involves 13 asset equity stakes, including 6 coal assets, 1 integrated coal power asset, 2 chemical assets, and 4 transportation and sales assets [5] - The total assets of the acquired companies amount to 258.4 billion yuan, with a combined revenue of 126 billion yuan and a net profit of 8 billion yuan [5] Earnings Forecast - Earnings per share (EPS) for 2025 is projected at 2.58 yuan, with corresponding price-to-earnings (P/E) ratios of 15 for 2025 [4][7] - The company expects stable operating cash flow from the acquired assets, which are committed to avoiding competition within the industry [6][9]

Core Viewpoint - China Shenhua (601088) has disclosed a restructuring plan involving the acquisition of multiple energy-related assets, aiming to enhance its operational scale and efficiency through vertical integration [1][5][8]. Group 1: Restructuring Plan - The company plans to acquire 100% stakes in several subsidiaries from the State Energy Group, including Guoyuan Power, Xinjiang Energy, and others, through a combination of issuing A-shares and cash payments [3][5]. - The total assets of the targeted companies amount to 258.36 billion yuan, with a net asset value of 93.89 billion yuan as of the end of 2024 [6]. - The restructuring involves 13 companies across coal, coal power, and coal chemical sectors, which will significantly increase the company's asset scale and operational capabilities [6][8]. Group 2: Financial Impact - The targeted assets are expected to generate a total revenue of 125.996 billion yuan and a net profit of 8.005 billion yuan for the year 2024 [6]. - The company anticipates a substantial increase in its total assets, net assets, and revenue post-acquisition, thereby improving overall profitability and asset quality [8]. Group 3: Market Context - The restructuring aligns with a broader trend among state-owned enterprises in China, focusing on industry consolidation and transformation to enhance operational efficiency [15][16]. - Recent activities by other state-owned enterprises, such as China Power and Sinochem Equipment, indicate a growing momentum in mergers and acquisitions within the sector [16][17].

Core Viewpoint - China Shenhua is initiating a large-scale asset acquisition, enhancing its integrated operational capabilities and addressing industry competition issues [1] Group 1: Asset Acquisition - The targeted assets cover "coal, electricity, chemical, transportation, and sales," which will strengthen the company's integrated operations [1] - The restructuring involves a total coal production capacity of 279 million tons and an additional 20 million tons under construction [1] Group 2: Capacity Enhancement - Post-restructuring, the company's coal production capacity will increase by 74.5%, while the construction capacity will grow by 125% [1] - Current coal production capacity stands at 375 million tons, with 16 million tons under construction and a planned capacity of 40 million tons [1] Group 3: Financial Outlook - The company is expected to maintain its dividend commitments due to its focus on consistent and predictable profit distribution policies [1] - With ample cash reserves, the company is positioned to enhance its cash utilization, potentially improving overall Return on Equity (ROE) [1]

Group 1 - The core viewpoint of the report is a recommendation for China Shenhua (601088.SH) with a latest price of 37.56 yuan [2] - The asset coverage includes "coal, electricity, chemical, transportation, and sales," which addresses industry competition issues and enhances integrated operational capabilities [2] - Post-restructuring, the coal resource volume and production capacity have significantly increased [2] - The company is expected to maintain a high dividend payout ratio [2] - The company has ample cash on hand, which is likely to improve its cash utilization and enhance overall ROE [2]