临近年底，新沂市草桥镇的现代农业(毛豆)产业示范园里仍是一派热火朝天的景象。工人们从冷库中取 出秋天处理过的毛豆仁，按订单分拣，装入不同规格的纸箱密封，再整齐码入货架。"这些毛豆仁，都 附有完整的原料产地和种植基地报告，将通过本地下游企业出口至比利时等欧洲国家。"该产业园负责 人巩绪传介绍。 草桥、窑湾一带种植毛豆历史悠久，带动周边乡镇形成超5万亩种植区，是华东地区最大的鲜食毛豆集 散中心。今年7月，这座农产品深加工产业园投入试运营，日最大加工处理能力约400吨，预计毛豆及蔬 菜的年生产能力可达2万吨。正式运营后，产品出口比例将提升至总产量的50%，年营业额有望突破亿 元。 从本地餐桌走向国际市场，巩绪传见证了家乡的毛豆发展史。早些年，和他一样的本土经纪人将周边约 300公里分散种植的毛豆统一收购、集中处理，逐渐催生出60多家毛豆加工家庭作坊，生产毛豆荚和毛 豆仁，形成了产业链雏形。 □ 本报记者岳旭 "我们实现了毛豆的多品类运营：鲜食毛豆简单冲洗后，主要供应国内一线城市超市，品质稍次的豆荚 供应烧烤摊等餐饮场景，外观不佳但果仁完好的则加工成速冻毛豆仁。"薛力衔说，产业园每年可吸纳 本地及湖北、河北、安徽、河 ...

Investment Rating - The investment rating for China Shenhua (601088) is "Buy" [6]. Core Views - The report highlights that the group’s coal, electricity, and chemical transportation assets are expected to be injected, which will solidify the company's integrated operation model [6]. - The transaction involves 13 assets from the controlling shareholder, China Energy Group, aimed at resolving competition issues and consolidating high-quality coal resources into the listed company [6]. - The company’s performance in the first half of 2025 is projected to be stable, with a net profit forecast of approximately 236-256 billion yuan, despite a year-on-year decline [6]. - The high dividend yield is emphasized as a long-term investment value, with a projected dividend payout ratio of at least 65% of the net profit [6]. - The earnings forecast for 2025-2027 has been adjusted downwards due to falling market coal prices, with expected earnings per share (EPS) of 2.47, 2.52, and 2.56 yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 338,375 million yuan, with a year-on-year decline of 1.4% [2]. - The net profit attributable to shareholders for 2025 is estimated at 49,108 million yuan, reflecting a decrease of 16.3% year-on-year [2]. - The gross profit margin is expected to be 32.0% in 2025, down from 34.0% in 2024 [2]. - The return on equity (ROE) for 2025 is projected at 12.0% [2]. Market Data - As of August 4, 2025, the closing price of the stock is 37.56 yuan, with a market capitalization of 619,403 million yuan [3]. - The stock has a price-to-earnings (PE) ratio of 15 for the forecasted years [6]. - The dividend yield is approximately 6.02%, based on the most recent dividend announcement [3].