文 ｜ 祖国鹏 我们跟踪的样本煤炭上市公司，2 0 2 5Q1净利润平均同比降幅或在2 6%，动力煤龙头公司跌幅较 少。今年以来行业供给保持宽松，煤价虽然跌幅较大，但在初步的成本支撑下或逐步见底。目前板 块龙头公司的红利水平依然具备吸引力，随着对煤价的悲观预期消化，待红利风格强化，板块有望 启动新的行情。 ▍ 2 0 2 5年Q1各煤种均价同比、环比继续下移，同比降幅超过2 0%。 2 0 2 5年一季度，各煤种均价环比降幅平均约为1 5%，同比降幅约为2 1%。其中作为动力煤标杆煤 价的秦港5 5 0 0大卡动力煤市场价平均约在7 3 0元/吨，同比下降约1 9%；但相应的年度长协煤价同 比仅下降2 . 6%。焦煤价格降幅最大，一季度市场煤均价同比下降超过4 0%，而焦煤长协价格同比 下降2 5%。无烟煤均价跌幅最小，同比降幅平均约在4%，主要是同期基数较低。 ▍ 2 0 2 5年Q1我们跟踪的样本上市公司净利润同比下滑约2 6%，或低于行业平均降幅。 国家统计局数据显示，2 0 2 5年前2月，煤炭开采和洗选业规模以上企业实现利润总额5 0 6 . 6亿元， 同比下降4 7 . 3%。我们预计主要跟踪的煤 ...

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" (maintained) [1] Core Views - The report emphasizes cost control measures to mitigate the impact of declining coal prices and highlights the growth potential in the coal business [3][4] - The company reported a revenue of 139.12 billion yuan in 2024, a decrease of 7.3% year-on-year, and a net profit attributable to shareholders of 14.43 billion yuan, down 28.4% year-on-year [3][5] - The report projects a recovery in net profit for 2025-2027, with estimates of 12.08 billion yuan, 13.99 billion yuan, and 16.95 billion yuan respectively, indicating a year-on-year growth of -19.7%, +15.7%, and +21.2% [3][5] Summary by Sections Financial Performance - In 2024, the company achieved a coal production volume of 142.49 million tons, an increase of 7.9% year-on-year, and a sales volume of 136.31 million tons, up 7.3% year-on-year [3] - The average selling price of coal in 2024 was 672 yuan per ton, a decrease of 16.3% year-on-year, while the cost per ton was 396 yuan, down 5.9% year-on-year [3] - The gross profit margin for coal was 277 yuan per ton, reflecting a decline of 27.7% year-on-year [3] Business Segments - The coal chemical business reported a revenue of 25.2 billion yuan in 2024, with a gross profit margin of 21.6%, an increase of 1.6 percentage points year-on-year [3] - The power generation segment saw a revenue of 2.54 billion yuan, with a gross profit margin of 13.1%, up 3.9 percentage points year-on-year [3] Growth Potential - The company is expanding its coal production capacity with new projects, including the Shandong Wanfeng coal mine and the Xinjiang Wucaiwan open-pit mine, which are expected to contribute significantly to future growth [4] - The company plans to produce 155-160 million tons of coal in 2025, continuing the trend of year-on-year growth in production and sales [3][4] Dividend Policy - The company announced a total dividend of 0.77 yuan per share for the year, resulting in a current dividend yield of 5.7% based on the closing price on March 28, 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of March 28, 2025 [4][8]. Core Views - The report highlights that despite a decline in coal prices, the optimization of coal chemical profitability and an increase in coal production volume will stabilize future performance [5][8]. - The company reported a revenue of 139.12 billion yuan for 2024, a year-on-year decrease of 7.29%, and a net profit attributable to shareholders of 14.43 billion yuan, down 28.39% year-on-year [4][5]. Summary by Sections Recent Performance - The company's coal production reached 142.49 million tons in 2024, an increase of 7.9% year-on-year, while sales volume was 136.31 million tons, up 7.3% year-on-year [5]. - The average selling price of coal decreased to 672 yuan per ton, down 16.3% year-on-year [5]. Financial Metrics - The company achieved a weighted average ROE of 18.30%, a decline of 3.58 percentage points year-on-year [4]. - The projected revenue for 2025 is 127.51 billion yuan, with a year-on-year decrease of 8% [7]. Dividend Policy - The company plans to distribute a total cash dividend of 0.77 yuan per share for 2024, resulting in a dividend payout ratio of 53.59% and a dividend yield of 5.7% [8]. Future Outlook - The company has a rich reserve of projects, with the Wanfeng Coal Mine expected to commence production by the end of 2024 and the Wucaiwan No. 4 Coal Mine planned for 2025 [5]. - The company aims to achieve a coal production scale of 300 million tons per year within the next 5-10 years, supported by ongoing project developments [5].

Summary of Key Points from the Conference Call of Hengyuan Coal Power Company Overview - **Company**: Hengyuan Coal Power - **Industry**: Coal and Energy Core Financial Performance - **Coal Sales**: In 2024, total coal sales reached 7.57 million tons, a slight decrease of 0.6% year-on-year. The sales of premium coal increased to 38.17% of total sales [2][3] - **Average Selling Price**: The average selling price of coal was 869.6 RMB/ton, down 9.2% year-on-year, leading to a 9.8% decrease in sales revenue to 6.6 billion RMB [2][3] - **Total Revenue**: Total operating revenue decreased by 10.4% to 7 billion RMB, with net profit dropping significantly by 47% to 470 million RMB, resulting in earnings per share of 0.893 RMB [2][3] - **Cost Management**: Total cost per ton increased by 3.6% to 681 RMB/ton, influenced by rising operational costs [2][3] Financial Management and Cost Control - **Financial Expenses**: The company demonstrated excellent management of financial expenses, projecting continued low levels in 2025 due to no significant capital expenditures anticipated [4] - **Cost Reduction Goals**: The company aims to keep three major expenses under 1.19 billion RMB in 2025 through structural optimization and management efficiency [9] - **Accounts Receivable Management**: The reduction in accounts receivable was attributed to decreased coal sales and improved cash flow management [10] Research and Development Focus - **R&D Investments**: The company focuses on coal mine safety technology, intelligent mining, resource recovery optimization, and green mining practices. R&D is aligned with national strategies and local government requirements [7][8] Operational Challenges and Future Outlook - **Hengtai New Materials**: The subsidiary reported losses in 2024 due to capacity validation issues and market fluctuations, but is expected to recover in 2025 [11] - **Chuangyuan Power and Xinyuan Thermal Power**: These units are facing ongoing losses due to small scale and high energy consumption, with plans to exit these projects by 2025 [12][13] - **Market Conditions**: The company anticipates that coal prices will decline in 2025, but integrated projects may help maintain profit margins of 0.05 to 0.06 RMB per kWh [14] Market Dynamics - **Market Shift**: The coal market has shifted from a seller's market to a buyer's market, influenced by quality demands and supply adjustments [16] - **Cost Increases**: Rising costs in materials, manufacturing, and labor were noted, primarily due to investments in intelligent equipment and increased social security contributions [17] Future Projects and Investments - **New Energy Projects**: The company is investing in new energy projects, including distributed photovoltaic projects, which are expected to contribute to revenue growth [24][25] - **Resource Acquisition**: Plans to actively participate in resource auctions and acquire quality resources to support future growth [27] Conclusion Hengyuan Coal Power is navigating a challenging market environment with a focus on cost control, R&D, and strategic project management. The company is poised to adapt to market changes while aiming for operational efficiency and profitability in the coming years.

Investment Rating - The investment rating for the coal mining industry is "Accumulate" [7] Core Viewpoints - Port coal inventories are beginning to decline, and the drop in coal prices is nearing its end. As of March 28, the coal inventory at Qinhuangdao Port was 6.95 million tons, down 4.66% week-on-week, while the inventory at Bohai Rim ports was 30.947 million tons, down 0.76% week-on-week [2][5] - The current spot price for 5500 kcal thermal coal at ports is 676 CNY/ton, close to the long-term contract benchmark price of 675 CNY/ton, indicating that the decline in port thermal coal prices is nearing its end [2][5] Summary by Sections Price Trends - The average closing price for 5500 kcal thermal coal at Qinhuangdao Port was 668 CNY/ton, down 9 CNY/ton (-1.33%) week-on-week [3] - The average price for 5800 kcal mixed coal at the pit in Yulin, Shaanxi, was 525 CNY/ton, also down 9 CNY/ton (-1.69%) week-on-week [3] - The FOB price for 5500 kcal thermal coal in Newcastle, Australia, was 72 USD/ton, down 1.39% week-on-week [3] Production and Utilization Rates - The operating rate of 110 sample washing plants (approximately 50% of national washing plant capacity) was 62.0%, down 0.6 percentage points week-on-week and down 4.6 percentage points year-on-year, remaining at a five-year low [4] - The capacity utilization rate of 247 blast furnaces was 89.08%, up 0.38 percentage points week-on-week and up 6.32 percentage points year-on-year, with an average daily pig iron output of 2.3734 million tons, up 0.4% week-on-week and up 7.3% year-on-year [4] Inventory Tracking - As of March 28, the coal inventory at independent coking plants was 7.2961 million tons, up 5.56% week-on-week, while the inventory at sample steel mills was 7.6268 million tons, up 0.64% week-on-week [5] - The coal inventory at 110 sample washing plants was 2.1392 million tons, down 6.53% week-on-week, but up 26.90% year-on-year [5] Investment Recommendations - The report suggests a defensive approach to the current sector, recommending companies with a high proportion of long-term contracts and stable profitability, such as China Shenhua and China Coal Energy [5]

Core Insights - The first ultra-thin coal seam high-efficiency intelligent mining machine in China has been successfully put into operation, developed by China Coal Technology & Engineering Group's Shanghai Research Institute [1][3][5] Industry Overview - China's thin coal seam resources account for approximately 20% of the total coal reserves, amounting to 3.5 billion tons, but only 7% of the total coal production comes from these resources [3] - As easily accessible medium-thick coal seams diminish, the urgent need to promote the mining of thin and ultra-thin coal seams has become a priority for the coal industry [3] Technical Innovations - The mining machine features an innovative suspension transmission system and dual-cutting motor structure, allowing it to operate flexibly in heights as low as 0.78 meters [6] - The development team utilized medium-voltage variable frequency technology to reduce the machine's size, enabling smooth operation in narrow and uneven tunnels [6] - The integration of inertial navigation systems and intelligent cutting algorithms allows the machine to automatically plan optimal paths, achieving centimeter-level operation and millimeter-level control [6] Operational Impact - The application of this equipment enables automatic cutting of ultra-thin coal seams, achieving a standard of unmanned operation with remote intervention [6] - If this technology is widely adopted across the country, it could unlock over 10 billion tons of ultra-thin coal seam resources, equivalent to creating 10 large coal mines, which is significant for ensuring China's energy security [6]

Group 1 - The A-share market has seen a resurgence of environmental issues, with 10 listed companies penalized for violations related to excessive emissions and unapproved environmental facilities [1][3] - Guozhong Water Holdings' Taiyuan Haofeng Wastewater Treatment Co., Ltd. was fined 400,000 yuan for exceeding water pollutant discharge standards, with total nitrogen and ammonia nitrogen levels surpassing national limits [1][3] - Electric Power Investment Energy was fined 350,000 yuan for using environmental protection facilities that had not been approved, highlighting deficiencies in project management and compliance [2][3] Group 2 - Environmental risks are becoming a significant operational risk for listed companies, with 6 out of 10 penalized companies being state-owned enterprises, potentially affecting 887,300 shareholders [3] - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles is leading investors to prioritize companies' sustainable development capabilities [3] - Companies must enhance their environmental management and compliance levels to protect their brand image and investor confidence [5] Group 3 - The level of public disclosure regarding environmental regulatory information has improved, supported by legal frameworks that ensure citizens' rights to access environmental information [4] - The revised Environmental Protection Law emphasizes the importance of information disclosure and public participation in environmental protection [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that the coal chemical and overseas operations are improving, leading to a sequential improvement in performance [2] - The company is expected to maintain a growth trend in coal production and sales, while implementing cost reduction measures to mitigate the impact of declining coal prices [4] - The company plans to start construction on new coal mines, which will significantly increase production capacity in the coming years [4][5] Financial Summary - For 2024, the company achieved operating revenue of 139.12 billion yuan, a year-on-year decrease of 7.29%, and a net profit attributable to shareholders of 14.425 billion yuan, down 28.39% year-on-year [4] - The company forecasts operating revenues of 119.305 billion yuan for 2025, with a net profit of 11.658 billion yuan, reflecting a continued decline in profitability due to falling coal prices [5] - The earnings per share (EPS) are projected to be 1.16 yuan for 2025, with a price-to-earnings (P/E) ratio of 11.7 [5] Production and Cost Analysis - In 2024, the company produced 142.493 million tons of self-produced coal, an increase of 7.9% year-on-year, while the unit price decreased by 16.4% to 656.2 yuan per ton [4] - The company has implemented measures to reduce production costs, achieving a unit cost of 369.4 yuan per ton, down 3.5% year-on-year [4] - Future projects include the construction of the Hohlin River No. 1 coal mine, expected to start in 2025, which will add significant production capacity [4][5] Dividend Policy - The company plans to distribute a cash dividend of 0.77 yuan per share for 2024, resulting in a total cash dividend of 7.73 billion yuan [5] - The projected dividend yield is 5.66% before the mid-term dividend and 3.97% after [5]

郑州煤电股份有限公司 周晓东 作为郑州煤电股份有限公司独立董事，本人严格按照《公 司法》《证券法》《上市公司治理准则》《上市公司独立董 事管理办法》等法律法规以及《公司章程》和《郑州煤电股 份有限公司独立董事工作制度》的有关规定，认真审议董事 会各项议案，并对相关事项发表意见，维护全体股东特别是 广大中小股东的合法利益，独立、负责、诚信、谨慎地履行 了职责。 现将 2024 年度任职期内履行职责的情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司第九届董事会由 9 名董事组成， 其中独立董事 3 人， 占董事会人数三分之一，符合相关法律法规及公司制度的规 定。 （二）任职董事会专门委员会的情况 截至报告期末，本人任职公司第九届董事会专门委员会 情况如下： 参加股东 参加董事会情况 大会情况 董事 是否连续 审计委员会：周晓东（召集人）、李曙衢、李红霞。 提名委员会：李曙衢（召集人）、周晓东、刘君。 薪酬与考核委员会：孙恒有（召集人）、周晓东、张海 洋。 （三）个人工作履历、专业背景以及兼职情况 周晓东，男，1972 年生，西安交通大学应用经济学博士 （公司治理方向），副教授。曾兼任黄河科技学 ...

Core Viewpoint - The independent director of Huabei Mining Holding Co., Ltd. reports on the performance of duties during the 2024 term, emphasizing adherence to legal regulations and the importance of independent oversight for the company's healthy development [2][5]. Group 1: Independent Director's Background and Responsibilities - The independent director, Li Guichen, has a strong academic background with a PhD and experience in mining engineering, having served in various academic and research roles [2]. - The director confirms compliance with independence requirements as per relevant regulations, ensuring unbiased decision-making [2]. Group 2: Attendance and Participation in Meetings - The independent director attended 5 board meetings, with 3 via communication and 2 in person, and participated in 1 shareholder meeting, voting in favor of all submitted proposals [3]. - The director served on several committees, including the audit, nomination, and strategy committees, attending all relevant meetings and voting positively on all matters [3]. Group 3: Oversight and Communication - The director actively engaged with the internal audit team to enhance audit effectiveness and ensure compliance with internal controls [4]. - Communication with minority shareholders was prioritized through participation in quarterly earnings calls and shareholder meetings, gathering feedback to protect their interests [4]. Group 4: Key Focus Areas During the Term - The company adhered to regulations regarding related party transactions, ensuring compliance and fairness in decision-making processes [5]. - Financial reports were prepared and disclosed timely, reflecting accurate financial data and operational status, with all reports approved by the board and management [6]. - The company successfully reappointed external auditors, confirming their qualifications and compliance with legal requirements [6]. - The director reviewed the appointment of the financial officer, affirming the candidate's qualifications and suitability for the role [6]. - The nomination and appointment processes for board members and senior management were conducted in accordance with legal and regulatory standards [7]. Group 5: Overall Evaluation and Recommendations - The independent director emphasizes the importance of maintaining independence and fulfilling responsibilities to protect the interests of all shareholders, particularly minority shareholders [7].