多家上市煤企近日公布的今年一季度业绩显示，全国煤炭产量创历史同期新高，其中山西煤炭产量大 增，煤炭供应总量充足。但同时，市场维持供强需弱局面，煤炭销售量和价格普遍下降，营收和行业效 益均出现一定程度下降，不过多数公司仍维持盈利，长协煤、新能源和煤化工等业务指标呈逆势上涨， 体现出企业的韧性和转型机遇。 产量再创同期新高 国家能源局发展规划司副司长邢翼腾日前介绍，一季度我国规上工业原煤产量12亿吨，同比增长 8.1%；3月规上工业原煤产量同比增长9.6%，日均产量超过1400万吨。 中国煤炭运销协会指出，尽管一季度煤炭供给整体充足，同时宏观经济运行总体平稳，全社会用电小幅 增长，但工业用电同比下降，叠加非化石能源出力较好等因素，煤炭消费出现回落。一季度煤炭供需相 对宽松，全社会煤炭库存继续升高，特别是上中游存煤明显累积，煤炭市场总体呈现供强需弱局面，市 场价格弱势下行，行业效益大幅下降。 作为全球规模最大的煤炭上市公司之一，中国神华（601088）的业务覆盖煤炭、电力、铁路、港口、航 运、煤化工等全产业链。该公司表示，煤炭销售量及平均销售价格下降导致煤炭销售收入减少、售电量 及平均售电价格下降导致售电收入减少， ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Date**: May 9, 2025 Key Points Industry Insights - The coal price center is expected to decline due to supply-demand easing and economic policy uncertainties. Short-term coal prices may resist decline, but long-term impacts from renewable energy and changes in electricity demand will lead to a downward shift in coal prices [2][3] - The coal market showed weak performance in Q1, with market prices down approximately 20% year-on-year. The average sales price decreased by 19.5% [3][4] Financial Performance - In Q1, China Shenhua reported a net profit attributable to shareholders of 11.949 billion yuan, a decrease of 18% year-on-year. The average sales price fell by 19.5%, but the revenue decline was less than the cost decline due to cost optimization [2][4][5] - The company maintains a high proportion of long-term contracts, which helps mitigate market volatility. The long-term contract signing rate is at 75%, with a fulfillment rate of 90% [5][6] Strategic Initiatives - China Shenhua is actively promoting asset injections to resolve industry competition issues, including the announced asset injection from Hangjing Energy and negotiations with the State Energy Group for a new round of capital injection [2][8] - The company has adjusted its sales strategy, increasing the proportion of annual contracts and optimizing sales tactics, which has contributed to a higher long-term contract ratio [2][10] Cost Management - The company has set a 6% annual cost guidance and is implementing measures such as budget control and benchmarking analysis to reduce costs and improve efficiency. The operating cost decreased by 21.8%, which is greater than the revenue decline [11][12] - Safety production reserves are robust, amounting to over 23 billion yuan, providing a solid foundation for operational and cost control [11] Market Outlook - The long-term coal price benchmark is currently at 675 yuan/ton, with no conditions for adjustment. The market is closely monitored for impacts from key industries like real estate and steel, as well as electricity market reforms and renewable energy impacts [4][12][17] - The coal industry faces ongoing supply-demand changes, with the potential for continued pressure on coal prices and profitability for leading companies [13][14] Challenges and Responses - The development of renewable energy is significantly impacting the thermal power industry, necessitating China Shenhua to enhance its adjustment capabilities and ensure coal supply to adapt to industry changes [4][19][20] - The company is aware of the challenges posed by global economic uncertainties and trade tensions, and it plans to maintain stability in production and strategic development while ensuring energy security [26] Additional Considerations - The impact of the US-China tariff conflict on the thermal power industry is limited, but it may affect overall economic and electricity demand [22] - The company is focused on enhancing its competitive edge through various measures, including increasing flexibility and securing auxiliary income [20][21] This summary encapsulates the key insights and strategic directions of China Shenhua as discussed in the conference call, highlighting the company's performance, market conditions, and future outlook.

Investment Rating - The report maintains a "Buy-A" investment rating for China Shenhua Energy Company (601088.SH) [3][8] Core Views - The company reported a 21.1% year-on-year decline in revenue for Q1 2025, totaling 69.585 billion yuan, and an 18.0% decrease in net profit attributable to shareholders, amounting to 11.949 billion yuan [3] - The increase in long-term contracts has stabilized performance, and dividend growth is expected [3][7] - The coal segment's gross margin improved to 30.1%, up 1.2 percentage points year-on-year, despite a decrease in coal sales volume [3][4] Financial Performance Summary - Q1 2025 basic earnings per share (EPS) was 0.601 yuan, with a return on equity (ROE) of 2.80%, down 0.74 percentage points year-on-year [3] - The company’s total assets as of March 30, 2025, were 672.307 billion yuan, a 0.60% increase year-on-year, while net assets rose by 3.2% to 433.114 billion yuan [3] - The average coal selling price decreased by 11.5% to 506 yuan per ton, while the average unit sales cost fell by 13.07% to 353 yuan per ton [3][4] Segment Performance Summary - The coal segment generated revenue of 51.599 billion yuan, down 25.7% year-on-year, with a gross profit of 15.509 billion yuan [3] - The power segment's revenue was 20.854 billion yuan, a 14.7% decline, with a gross margin of 15.4%, down 1.3 percentage points [4] - The transportation segment's revenue decreased across various divisions, with coal chemical gross margins improving [5] Future Outlook - EPS forecasts for 2025, 2026, and 2027 are 2.74, 2.89, and 2.96 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 14.1, 13.4, and 13.1 [8][10] - The company plans to maintain a dividend payout ratio of at least 65% of net profit attributable to shareholders over the next three years [7]

Group 1: Production and Financial Performance - In 2024, the company achieved a total electricity generation of 500.1 billion kWh, an increase of 27.5% year-on-year, with an average settlement price of 437.37 RMB/MWh (including tax), a decrease of 2.82% [1] - For the first quarter of 2025, the company reported a generation of 129.58 billion kWh, a decrease of 7.23% year-on-year, and a sales heat volume of 4,017.89 million GJ, down 3.48% [2] - The company’s total revenue for 2024 was 235.17 billion RMB, a year-on-year increase of 20.09%, with a net profit attributable to the parent company of 5.3 billion RMB, up 181.59% [2] Group 2: Cost Management and Coal Supply - In 2024, the company procured 34.01 million tons of electricity coal, with an average comprehensive benchmark price of 775.12 RMB/ton, a decrease of 10.07% year-on-year [1] - The company’s long-term coal supply agreements cover over 80% of its coal needs, with primary sources being Shanxi, Shaanxi, Inner Mongolia, and local Hebei [5] Group 3: Future Projects and Capacity Expansion - In 2025, the company plans to add a controlled installed capacity of 132,000 kW and an equity installed capacity of 119.5 million kW [8] - Ongoing projects include the construction of the Xibaipo Power Plant Phase IV (2×66,000 kW) and the Renqiu Thermal Power Plant Phase II (2×35,000 kW), both expected to be operational by 2026 [8] Group 4: Market Conditions and Trading - The company reported that approximately 80% of the electricity traded in 2025 was through bilateral negotiations [3] - The Hebei region's spot market began trial operations on March 1, 2025, with the company prepared for normal trading activities [4] Group 5: Dividend Policy and Investor Relations - The company has increased its cash dividend distribution from 30% to 50% of the distributable profits as part of its three-year shareholder return plan (2024-2026) [8]