证券代码：600508 证券简称：上海能源 编号：临 2026-006 上海大屯能源股份有限公司 2025 年经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号—— 行业信息披露》要求，现将公司 2025 年经营数据公告如下： | 项目 | 年 2025 | 年 2024 | 变动比例 | | --- | --- | --- | --- | | | | | （%） | | 一、原煤产量（万吨） | 809.79 | 858.16 | -5.64 | | 二、洗精煤产量（万吨） | 447.55 | 452.74 | -1.15 | | 三、商品煤产量（万吨） | 613.55 | 627.41 | -2.21 | | 四、商品煤销量（万吨） | 601.71 | 631.79 | -4.76 | | 其中：1、外销量（万吨） | 542.74 | 566.11 | -4.13 | | 2、自用量（万吨） | 58.97 | 65.68 | -10.22 | | 五 ...

股票代码：600985 股票简称：淮北矿业 公告编号：临 2026-012 淮北矿业控股股份有限公司 2025 年年度主要经营数据公告 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。 淮北矿业控股股份有限公司（下称"公司"）根据上海证券交易所《上市公 司行业信息披露指引第二号—煤炭》、《上市公司行业信息披露指引第十三号— 化工》的有关规定，现将公司 2025 年年度主要经营数据披露如下： 说明：以上商品煤销量、收入、成本等数据不包含公司内销。 项目 单位 2025 年度 2024 年度 变动比率 （%） 商品煤 产量 万吨 1,738.38 2,055.30 -15.42 销售量 万吨 1,331.11 1,536.69 -13.38 销售收入 万元 1,074,094.12 1,690,943.16 -36.48 销售成本 万元 630,881.63 849,441.83 -25.73 销售毛利 万元 443,212.49 841,501.33 -47.33 一、煤炭产品的产量、销量、收入、成本及毛利情况 二、煤化工产品的产 ...

Profit Recovery Insights - In January-February 2026, the cumulative year-on-year growth rate of industrial enterprises' profits was 15.2%, up from 5.3% in December 2025, indicating a significant recovery trend[5] - The profit recovery was driven by accelerated production, stabilized industrial prices, and alleviated cost pressures, with the late Spring Festival contributing to the high year-on-year growth[5][17] - The profit margin for industrial enterprises improved to 4.92%, marking a year-on-year increase of 0.39 percentage points, the first positive change since September 2024[7] Structural Changes in Profit Distribution - The profit distribution among upstream, midstream, and downstream sectors has become more balanced, with downstream sectors showing significant improvement in profit margins[8][17] - Upstream sectors experienced notable differentiation, with coal profit growth slowing, while chemicals rebounded significantly, and non-ferrous metals and construction materials maintained high growth rates[10][12] - Midstream equipment manufacturing remains the core driver of profit growth, particularly in the electronics sector, which saw profit growth surge from 54.1% to 203.5%[10] Economic Outlook and Risks - The industrial economy is transitioning from passive destocking to active restocking, with finished goods inventory growth rising from 3.9% in December 2025 to 6.3% in February 2026[13] - Despite the positive trends, external demand fluctuations, overcapacity in certain industries, and cost pressures remain concerns, alongside the potential short-term disruptions following the Spring Festival[17][18] - The sustainability of profit recovery and inventory improvements will require close monitoring of the effectiveness of growth stabilization policies and the resilience of domestic demand[17]

格隆汇3月27日｜中煤能源(601898.SH)公告称，2025年实现营业收入1480.57亿元，同比下降21.8%；归 母净利润178.84亿元，同比下降7.3%。公司拟每10股派发现金红利2.17元（含税）。 ...

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。 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 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條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司 2025 年審計報告》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2026 年 3 月 27 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 中国中煤能源股份有限公司 已审财务报表 2025 年度 中国中煤能源股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 6 | | 已审财务报表 | | | | | 合并资产负债表 | 7 | - | 8 | | 母 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - Due to the expectation of coke price increase, traders replenished their stocks, leading to a decline in the refined coal inventory of mines. Coupled with the disturbance of macro oil and gas, market speculation was also strong, and the coking coal price has been relatively strong recently. However, the coking coal inventory is not low from the perspective of both coking plants and steel mills. Moreover, the current coking profit has increased due to the rising prices of coking by - products. Therefore, the first round of price increase on March 23 was only implemented on April 1. In the future, continue to observe the recovery of hot metal production and global macro - changes. The coking coal 2609 contract is in a volatile state [8]. - The delayed implementation of the coke price increase was mainly because the steel mills had a high coke inventory, and the current coking profit was acceptable. Therefore, the first round of price increase on March 23 was only implemented on April 1. In the future, continue to pay attention to the recovery of hot metal production. The coke 2609 contract is in a volatile state [12]. 3. Summary According to the Directory 3.1 Supply - Demand Balance Sheet - **Coking Coal Supply - Demand Balance Sheet**: The average daily output of coal washing plants was 25.89 (previously 24.31), the inventory of coal washing plants was 349.18 (previously 332.51), the refined coal output of mines was 78.6 (previously 79.81), the raw coal output of mines was 198.05 (previously 196.86), the total supply was 1390.5 (previously 1397.0), the average daily output of all - sample independent coking plants was 64.76 (previously 64.24), the coke output of steel mills was 47.28 (previously 47.31), the total demand was 1019.6 (previously 1015.1), and the supply - demand difference was 371.0 [17][26]. - **Coke Supply - Demand Balance Sheet**: The average daily output of all - sample independent coking plants was 64.76 (previously 64.24), the coke output of steel mills was 47.28 (previously 47.31), the total inventory of all - sample coke was 997.8 (previously 981.5), the total supply was 768 (previously 783.7), the average daily hot metal output was 231.09 (previously 228.15), the total demand was 727.9 (previously 718.7), and the supply - demand difference was 40.1 [20][22][26]. 3.2 Coking Coal Fundamental Data Graph 3.2.1 Coking Coal - Price - The prices of different types of coking coal and their corresponding warehouse - receipt prices are presented, such as Linfen main coking coal at 1600 (previously 1460), with a warehouse - receipt price of 1141 (previously 997); Tangshan Meng 5 at 1360, with a warehouse - receipt price of 1300; Australian Peak View North at 199 US dollars per wet ton (previously 193), with a warehouse - receipt price of 1173 (previously 1125) [17]. 3.2.2 Coking Coal - Supply - The average daily output of coal washing plants, refined coal output of mines, raw coal output of mines, and the inventory of coal washing plants are shown. The average daily output of coal washing plants was 25.89 (previously 24.31), and the inventory of coal washing plants was 349.18 (previously 332.51) [17][48]. 3.2.3 Coking Coal - Inventory - The inventory data of coking coal in different sectors are provided, including port inventory, all - sample independent coking plant inventory, steel mill coking coal inventory, and total all - sample inventory. The total all - sample inventory of coking coal was 2099.39 (previously 2043.91) [17][57][59]. 3.2.4 Coking Coal - Import Data - The import data of coking coal from different countries are presented, including Australia, Russia, and Canada, showing the monthly and cumulative import values [63][64][69]. 3.3 Coke Fundamental Data Graph 3.3.1 Coke - Price - The coke warehouse - receipt price, and the basis of 01, 05, and 09 contracts are shown. The coke warehouse - receipt price was 1625 (unchanged), the basis of the 01 contract was - 306 (previously - 278), the basis of the 05 contract was - 136 (previously - 115.5), and the basis of the 09 contract was - 221 (previously - 190.5) [23][79]. 3.3.2 Coke - Supply - The average daily output and capacity utilization rate of all - sample independent coking plants and steel mills are provided. The average daily output of all - sample independent coking plants was 64.76 (previously 64.24), and the average daily output of steel mill coke was 47.28 (previously 47.31) [22][81]. 3.3.3 Coke - Demand - The average daily hot metal output is presented, which was 231.09 (previously 228.15) [22][87]. 3.3.4 Coke - Inventory - The inventory data of coke in different sectors are provided, including port inventory, all - sample coking plant inventory, and steel mill coke inventory. The total all - sample inventory of coke was 997.8 (previously 981.5) [20][89][93]. 3.3.5 Coke - Profit - The profit per ton of coke is presented, but specific data is not clearly given in the summary part [96]. 3.3.6 Coke - Export - The monthly and cumulative export data of coke are shown [77][98][99]. 3.4 Warehouse Receipts - The warehouse - receipt data of coking coal and coke are presented, showing their price trends over time [101][103].

Core Insights - The company reported a revenue of RMB 148.057 billion for the year ending December 31, 2025, representing a year-on-year decrease of 21.83% [1] - Shareholder profit attributable to the company was RMB 14.497 billion, down 19.99% year-on-year, with basic earnings per share at RMB 1.09 and a final dividend of RMB 0.217 per share (tax included) [1] Business Performance - The coal, coal chemical, coal mining equipment, and financial sectors all performed well during the reporting period [2] - The coal production reached 135 million tons, maintaining a historical high, despite a decrease in average selling price by RMB 77 per ton, which led to a revenue loss of RMB 10.511 billion [2] - The unit sales cost for self-produced coal was RMB 328.80 per ton, a decrease of RMB 16.04 per ton year-on-year, resulting in a gross profit of RMB 22.034 billion from coal operations [2] - The coal chemical sector achieved a gross profit of RMB 2.386 billion despite price declines in polyolefins, urea, and ammonium nitrate by RMB 654, RMB 295, and RMB 278 per ton respectively, showcasing effective management and synergy in coal-chemical integration [2] - The coal mining equipment sector reported a pre-tax profit of RMB 0.797 billion, an increase of RMB 0.173 billion year-on-year, driven by optimization of lean manufacturing and a focus on "smart manufacturing + modern services" [2] - The financial company maintained a leading position in asset scale, reaching a historical high at the billion RMB level, and achieved a pre-tax profit of RMB 1.417 billion, reflecting enhanced service and value creation capabilities [2] - The electricity business generated a total power output of 18 billion kWh, an increase of 4.64 billion kWh year-on-year, resulting in a pre-tax profit of RMB 1.089 billion, up by RMB 0.723 billion [2]

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。 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 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條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司 2025 年年度報告摘要和年報全文》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2026 年 3 月 27 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 中国中煤能源股份有限公司 2025 年年度报告摘要 2025 年年度报告摘要 第一节 重要提示 1. 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到 www.sse.com.cn 网站仔细阅读年度报告全文。 2. 本公司董事会及董事、 ...

Core Insights - The report highlights a significant concern regarding the rising international oil prices, which have been influenced by geopolitical tensions, particularly between the US and Iran, leading to a renewed focus on inflation and its impact on market dynamics [9][11] - The OECD has raised its average inflation forecast for G20 countries to 4.0% for this year, an increase of 1.2 percentage points from previous estimates, indicating a shift in inflation expectations [9] - The market is currently driven by a chain reaction of "oil prices - inflation - bond yields," with investors increasingly focused on corporate pricing power and the sustainability of AI demand [9][11] Market Overview - The Hang Seng Index fell by 1.9% to close at 24,856 points, breaking below the 25,000 mark, influenced by rising oil prices and geopolitical tensions in the Middle East [13] - The Dow Jones Industrial Average dropped 1.01%, closing at 45,960.11, while the S&P 500 and Nasdaq saw declines of 1.74% and 2.38%, respectively [15] - The report notes that the market remains event-driven and data-driven, with a focus on the implications of rising oil prices on inflation expectations [9][11] Company Analysis - China National Offshore Oil Corporation (CNOOC) reported a 11.4% decline in net profit to 122.08 billion RMB, with earnings per share dropping 11.3% to 2.57 RMB, and announced a final dividend of 0.55 HKD, a decrease of 16.6% from the previous year [13] - Meituan, facing intense competition in the instant retail sector, reported a significant adjusted net loss of 15.1 billion RMB in Q4 2024, compared to a profit of 9.8 billion RMB in the same period the previous year [13] - The report indicates that the coal industry is entering a "high demand plateau," with companies like China Coal Energy leveraging integrated operations and stable financial policies to maintain profitability amid a challenging environment [22]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the coal price and cost have shown continuous improvement, with expectations for sustained performance in the upcoming quarters. The company reported a revenue of 12.28 billion yuan in 2025, a decrease of 3.51% year-on-year, and a net profit attributable to shareholders of 2.136 billion yuan, down 10.73% year-on-year [1][2] - The coal segment has seen a year-on-year increase in production and sales, with coal production reaching 22.1696 million tons in 2025, up 3.01% year-on-year, and sales volume increasing by 4.35% [2] - The electricity segment faced challenges in Q4, with a significant decline in power generation, but upcoming new power units are expected to mitigate the impact of falling electricity prices [3] - The company is positioned for high dividend potential following a peak in capital expenditures, with a projected increase in free cash flow as new power plants come online [5] Summary by Relevant Sections Financial Performance - In 2025, the company achieved total revenue of 12.28 billion yuan, with a net profit of 2.136 billion yuan, reflecting a decline from the previous year. The Q4 performance showed a revenue of 3.271 billion yuan, with a net profit of 660 million yuan, marking a 15.99% increase year-on-year [1][6] - The average coal sales price in 2025 was 532.48 yuan per ton, down 6.16% year-on-year, while the cost of goods sold was 322.76 yuan per ton, a decrease of 4.98% [2] Coal Segment - The company reported a coal production of 22.1696 million tons in 2025, with a 3.01% increase year-on-year. Q4 saw a production of 5.3659 million tons, down 9.74% year-on-year [2] - The coal segment's revenue and costs have shown improvement over two consecutive quarters, leading to a significant increase in gross profit [2] Electricity Segment - The company generated 137.91 billion kWh of electricity in 2025, a 12.53% increase year-on-year, but Q4 saw a decline in generation by 17.59% year-on-year [3] - The average electricity price was 0.3762 yuan per MWh, down 7.45% year-on-year, with expectations for new power units to come online in 2026 to counteract price pressures [3] Future Outlook - The company is expected to achieve a net profit of 2.142 billion yuan in 2026, with a projected PE ratio of 9.66 [7] - The coal-electricity integration model is anticipated to provide stable profitability as new power plants are completed [5]