Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, attributed to falling coal prices and increased operational costs, while maintaining a focus on cost management and efficiency improvements [1][4][5]. Financial Performance - The net profit attributable to shareholders for the first half of 2025 was CNY 7,325,265,000, a decrease of 21.3% compared to CNY 9,787,792,000 in the same period last year [1][2]. - Total revenue for the period was CNY 74,435,996,000, down 19.9% from CNY 92,983,870,000 year-on-year [1][7]. - The total profit for the period was CNY 11,938,914,000, reflecting a decline of 28.6% from CNY 16,719,881,000 [1][7]. - The operating cash flow decreased by 48.5%, amounting to CNY 7,665,547,000 compared to CNY 14,890,089,000 in the previous year [1][7]. Production and Sales - The company produced 6,734,000 tons of coal in the first half of 2025, an increase of 1.3% from 6,650,000 tons in the same period of 2024 [4][5]. - Coal sales volume was 12,868,000 tons, down 3.6% from 13,355,000 tons year-on-year [4][5]. - The average selling price of self-produced coal decreased by CNY 114 per ton, leading to a revenue drop of CNY 76.39 billion [5]. Cost Management - The unit sales cost of self-produced coal was CNY 262.97 per ton, a reduction of CNY 29.91 per ton compared to the previous year [5]. - The company achieved a gross profit of CNY 143.47 billion from its coal business despite the price decline [5]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 2,197,579,500, which is 30% of the net profit attributable to shareholders, translating to CNY 0.166 per share [1][2]. Shareholding Structure - As of June 30, 2025, the largest shareholder, China Coal Energy Group Co., Ltd., holds 57.42% of the shares, while HKSCC Nominees Limited holds 29.87% [2][3]. Debt and Financial Health - The company's total assets at the end of the reporting period were CNY 356,961,533,000, a slight decrease of 0.3% from the previous year [1][7]. - The debt-to-asset ratio was reported at 45.0%, down from 46.3% year-on-year, indicating improved financial stability [7].

Core Viewpoint - The company is committed to enhancing production efficiency and transforming its operations in response to changes in the coal market, aiming for high-quality implementation of its 2025 action plan to improve quality and returns [1] Group 1: Action Plan Execution and Evaluation - The company has integrated development and safety, promoting high-quality production and reform [1] - The company has not received any investor feedback regarding improvements to the action plan in the first half of 2025 [1] Group 2: Safety Management - The company aims for zero harm and zero accidents, implementing a three-year action plan focused on safety management and major risk prevention [2] - Significant progress has been made in safety standardization and intelligent management, leading to a stable safety production situation [2] Group 3: Production and Sales Coordination - The company has optimized production processes to meet market demands, achieving a coal output of 67.34 million tons, with year-on-year growth [3] - The company has adapted sales strategies to improve customer compliance with long-term contracts, resulting in stable coal sales [3] Group 4: Project Development - The company is advancing key projects, including coal-electricity integration and renewable energy initiatives, with significant profits reported from new projects [4] - The company has reduced the unit sales cost of self-produced coal to 263 yuan per ton, a decrease of 30 yuan per ton year-on-year [4] Group 5: Innovation and Technology - The company is enhancing its innovation capabilities, focusing on low-carbon energy technologies and significant technological breakthroughs in coal chemical processes [6][7] - The company has established a smart control center to transition to data-driven management decisions [8] Group 6: Corporate Governance - The company has strengthened its governance mechanisms, conducting regular board meetings and updating internal management systems to comply with regulatory requirements [9] - An ESG working group has been established to integrate ESG principles into the company's operations and governance [10] Group 7: Investor Relations - The company has conducted over 50 investor communication activities in the first half of 2025, engaging nearly 160,000 participants [12] - The company is focused on enhancing investor returns and satisfaction through profit distribution plans and market value management strategies [13][15]

Core Viewpoint - Shenmu Coal Chemical Electric Company integrates Shaanxi Coal Group's "four management concepts" into the entire safety and environmental protection chain, achieving a dual goal of safety and environmental protection [1] Group 1: Contractual Management - The company has clarified safety and environmental responsibilities by breaking down responsibility targets and conducting pressure transmission at all levels, with all employees signing safety and environmental responsibility agreements and safety production commitments [3] - A "one post, one list" system has been established, integrating quantified safety performance checklists into an online safety information platform for automatic task assignment and tracking [3] - The company has strengthened safety production responsibility through a 12-point assessment management system for workshop directors, deputy directors, and team leaders, enhancing overall safety performance [3] Group 2: Market Mechanism - The company has improved the hidden danger acquisition reward system, encouraging employees to participate in hidden danger governance through monthly and quarterly recognition programs [5] - As of May, the company has acquired and addressed 192 hidden dangers and received 12 safety suggestions, rewarding employees with a total of 17,700 yuan [5] - The implementation of this mechanism has led to improvements in safety protection facilities and the resolution of various safety issues [5] Group 3: Digital Transformation - The company has enhanced safety and environmental efficiency through the construction of "two scenarios" and optimization of the electronic fence system, implementing comprehensive personnel positioning management [7] - The integration of personnel positioning systems with special operation management systems allows for automatic identification and alerts for unauthorized access and crowding [7] - The installation of IoT chips on 37 electric welding machines and additional monitoring equipment has improved real-time monitoring and risk warning capabilities [7] Group 4: Accountability Culture - The company maintains a strict bottom line for safety and environmental protection, ensuring that safety standards and investments remain unchanged [8] - Specific safety and environmental upgrades include modifications to equipment and the installation of dust suppression facilities [8] - The company aims to continue deepening the "four management concepts" and enhancing foundational management levels in safety and environmental protection to support high-quality development [8]

Core Viewpoint - China Coal Energy (01898) reported a revenue of 74.436 billion yuan for the six months ending June 30, 2025, a year-on-year decrease of 19.9%, with a net profit attributable to shareholders of 7.325 billion yuan, down 31.5% [1] Group 1: Financial Performance - Revenue for the first half of the year was 74.436 billion yuan, a decrease of 19.9% year-on-year [1] - Net profit attributable to shareholders was 7.325 billion yuan, down 31.5% year-on-year [1] - Basic earnings per share were 0.55 yuan, with an interim dividend proposed at 0.166 yuan per share (tax included) [1] Group 2: Operational Highlights - The company optimized production layout in the coal business, achieving a coal output of 67.34 million tons, an increase of 840,000 tons year-on-year [1] - Self-produced coal sales reached 67.11 million tons, up 920,000 tons year-on-year [1] - The coal chemical business produced 2.988 million tons of major products, an increase of 61,000 tons year-on-year [1] - Power generation reached 7.75 billion kWh, a year-on-year increase of 27.2% [1] Group 3: Cost Management and Efficiency - The company implemented lean management to reduce costs and improve quality, with a 15 yuan per ton decrease in the unit sales cost of self-produced coal year-on-year [2] - The unit sales cost of urea decreased by 144 yuan per ton year-on-year [2] - The unit sales cost of polyethylene decreased by 49 yuan per ton year-on-year, excluding the impact of major equipment overhauls [2] - Financial expenses net decreased by 241 million yuan year-on-year due to optimized debt structure and reduced financing costs [2]

上半年，集团科学高效组织生产，持续强化产销协同。煤炭业务着力优化生产布局，充分释放矿井优质 产能，完成商品煤产量6734万吨，同比增加84万吨。紧盯稳市场份额和长协合同履约，加大"两湖一 江"冶金煤市场开拓，开辟大海则煤下水通道，完成自产商品煤销量6711万吨，同比增加92万吨。煤化 工业务"安稳长满优"运行，在按计划合理安排部分装置大修的情况下，完成主要煤化工产品产量298.8 万吨，同比增加6.1万吨。深入践行差异化和定制化营销战略，持续优化客户结构，煤化工产品实现全 产精销。电力业务强化设备管理，合理安排机组检修，机组运行经济性、可靠性明显增强，完成发电量 77.5亿千瓦时，同比增长27.2%。煤矿装备业务积极构建全生命週期服务体系，抢抓优质订单，进一步 提高主导产品中的中高端订单佔比，累计签订合同总额113.51亿元。 上半年，集团深入推进精益管理，全力降本提质挖潜增效，努力对冲市场下行影响。加强市场预测分 析，积极运用产销平衡模型，以市场需求为导向动态优化产品结构，平朔矿区优质煤比例同比提升6个 百分点。加快大物流体系建设，合理规划运输流向，降低综合物流费用;实现采购业务全部线上化，加 大"中间商" ...

Core Viewpoint - China Coal Energy (01898.HK) reported a decline in revenue and profit for the first half of 2025, with a focus on optimizing production and expanding market share in coal and chemical sectors [1][2]. Financial Performance - The group's revenue for the first half of 2025 was RMB 74.436 billion, a decrease of 19.9% year-on-year [1]. - Shareholder profit attributable to the company was RMB 7.325 billion, down 31.5% year-on-year, with basic earnings per share at RMB 0.55 [1]. - EBITDA for the first half was RMB 16.857 billion, reflecting a 27.0% decrease year-on-year [1]. - The board approved an interim dividend of RMB 0.166 per share (including tax) for 2025 [1]. Operational Highlights - The coal business optimized production layout, achieving a total coal output of 67.34 million tons, an increase of 840,000 tons year-on-year [2]. - Self-produced coal sales reached 67.11 million tons, up 920,000 tons year-on-year, with a focus on maintaining market share and fulfilling long-term contracts [2]. - The coal chemical sector produced 2.988 million tons of major products, an increase of 61,000 tons year-on-year, while implementing a differentiated marketing strategy [2]. - Power generation increased by 27.2% year-on-year, reaching 7.75 billion kWh, due to improved equipment management and maintenance scheduling [2]. Project Development - The company accelerated project development, focusing on the "coal-electric-chemical-new" integrated industrial chain [3]. - Key projects such as the Li Bi coal mine and the Wu Shun Qi coal-electric integration project are progressing as planned [3]. - The construction of the second phase of the Yulin coal chemical project is nearing completion, with significant milestones achieved in various renewable energy projects [3]. - Safety measures and environmental protection efforts have been reinforced, maintaining a stable safety situation without any major environmental incidents [3].

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。 以下爲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 年半年度報告摘要和半年度報告全文》。 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 2025 年 8 月 22 日 於本公告刊發日期，本公司的執行董事為王樹東、廖華軍和趙榮哲；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 年半年度报告摘要 公司代码：601898 公司简称：中煤能源 中国中煤能源股份有限公司 2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，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 ...

Group 1 - The stock price of China Heart and Heart Fertilizer (01866.HK) closed at 7.510 HKD on August 22, 2023, marking a 1.62% increase from the previous trading day, with an intraday high of 7.620 HKD, the highest in nearly a year [1] - The company is a large coal chemical group engaged in R&D, production, sales, and services, established in 1969 and listed in Hong Kong in 2009 [2] - The company has three major production bases in Henan, Xinjiang, and Jiangxi, with total assets of 27.9 billion RMB and over 8,500 employees [2] Group 2 - China Heart and Heart Fertilizer is a leading urea producer in terms of production and sales, with its compound fertilizer sales ranking among the top in the industry [2] - The company has been recognized as a national high-tech enterprise and has advanced gasification technology, with multiple research and development platforms [2] - The company has received numerous accolades, including being listed in the Fortune China 500 and recognized for its environmental performance [2] Group 3 - The company emphasizes innovation as a primary productivity driver and has been rated as a benchmark enterprise for synthetic ammonia energy efficiency for thirteen consecutive years [2] - The corporate culture is centered around integrity, dedication, focus, and excellence, aiming to create value for customers and society [2] - During the 14th Five-Year Plan period, the company will focus on a strategy of "high efficiency, high-end, and high quality," aiming to enhance its core competitiveness and become a modern large-scale coal chemical group [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The urea futures price on Thursday showed a weakening trend in oscillation, with the closing price of the main 01 contract at 1764 yuan/ton, a decline of 1.34%. The spot market was weakly adjusted, and the mainstream regional spot prices dropped by 10 - 20 yuan/ton. The supply level of urea fluctuated at a high level, and the demand side was not significantly boosted. The short - term urea futures price will run in a range, and there may be phased market conditions following the Indian tender results and China's export situation, but the upside is limited by the policy of ensuring supply and stabilizing prices [1]. - The soda ash futures price on Thursday fluctuated narrowly, with the closing price of the main 01 contract at 1306 yuan/ton, a decline of 1.06%. The spot quotes were mostly stable, and the supply pressure continued to increase. The demand side was average, and the short - term futures price is expected to continue the range - oscillation trend [1]. - The glass futures price on Thursday showed a weakening trend in oscillation, with the closing price of the main 01 contract at 1156 yuan/ton, a slight decline of 0.86%. The spot market remained weak. The demand side improved in some areas, but there were still obvious differences. The short - term glass futures price is expected to continue the weak - oscillation state [1]. Group 3: Summary by Related Catalogs Market Information Urea - On August 21, the urea futures warehouse receipts on the Zhengzhou Commodity Exchange were 3,573, unchanged from the previous trading day, and the valid forecasts were 50 [4]. - On August 21, the daily output of the urea industry was 192,700 tons, a decrease of 2,500 tons from the previous working day and an increase of 20,100 tons compared with the same period last year. The industry's operating rate was 83.25%, a 4.97 - percentage - point increase compared with 78.28% in the same period last year [4]. - On August 21, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,760 yuan/ton, down 10 yuan/ton; Henan 1,760 yuan/ton, down 20 yuan/ton; Hebei 1,770 yuan/ton, unchanged; Anhui 1,780 yuan/ton, unchanged; Jiangsu 1,760 yuan/ton, down 20 yuan/ton; Shanxi 1,630 yuan/ton, unchanged [4]. - As of August 20, the inventory of domestic urea enterprises was 1.0239 million tons, a weekly increase of 66,500 tons, or 6.95% [5]. Soda Ash and Glass - On August 21, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 9,073, a decrease of 1,181 from the previous trading day, and the valid forecast volume was 1,609. The number of glass futures warehouse receipts was 2,188, a decrease of 200 from the previous trading day [7]. - On August 21, the spot prices of soda ash in different regions were provided. For example, in North China, the light soda ash was 1,250 yuan/ton and the heavy soda ash was 1,350 yuan/ton [7]. - As of the week of August 21, the capacity utilization rate of the soda ash industry was 88.48%, a week - on - week increase of 1.15 percentage points; the weekly output of soda ash was 771,400 tons, a week - on - week increase of 10,100 tons, or 1.32% [7]. - As of August 21, the inventory of domestic soda ash manufacturers was 1.9108 million tons, an increase of 13,500 tons compared with Monday, or 0.71% [8]. - On August 21, the average price of the float glass market was 1,147 yuan/ton, a daily decrease of 2 yuan/ton; the industry's daily output was 159,600 tons, unchanged from the previous day [8]. - As of August 21, the inventory of domestic float glass enterprises was 63.606 million weight cases, a week - on - week increase of 180,000 weight cases, or 0.28%, and a year - on - year decrease of 7.37%. The inventory days were 27.2 days, an increase of 0.1 day compared with last week [8]. Chart Analysis - The report includes various charts such as the closing price of the urea main contract, the closing price of the soda ash main contract, urea basis, pure alkali basis, the trading volume and open interest of the urea main contract, the trading volume and open interest of the soda ash main contract, the price spread between urea 2601 - 2509, the price spread between soda ash 2601 - 2509, the urea spot price trend chart, the soda ash spot price trend chart, the urea - methanol futures price spread, and the glass - soda ash futures price spread [11][12][16][17][19][20]. Research Team Introduction - Zhang Xiaojin is the research director of resource products at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards [22]. - Zhang Linglu is an analyst of resource products at Everbright Futures Research Institute, responsible for research on futures varieties such as urea, soda ash, and glass. She has won multiple honors [22]. - Sun Chengzhen is an analyst of resource products at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys. He has won relevant honors [22].

Core Viewpoint - The coal chemical industry in China is undergoing a profound transformation driven by the "dual carbon" goals and energy revolution, with Shandong Hualu Hengsheng Chemical Co., Ltd. leading the way through technological innovation and strategic shifts [1][5]. Group 1: Industry Transformation - The industry is shifting from scale expansion to value reconstruction, with a focus on integrating traditional sectors like fertilizers and basic chemicals with emerging fields such as new energy materials and high-end chemical materials [1]. - By 2024, Hualu Hengsheng's revenue from new energy materials is expected to reach 50%, with products like dicarboxylic acid and carbonate ester holding the largest market share in China [1][2]. Group 2: Technological Advancements - Hualu Hengsheng has developed new processes and catalytic technologies for producing dicarboxylic acid and dimethyl carbonate, significantly impacting the lithium battery market [2]. - The company has established the largest domestic production capacity for dimethyl carbonate at 300,000 tons per year, which has reshaped market dynamics [2]. Group 3: Strategic Planning and Investment - Over the past five years, Hualu Hengsheng has invested over 5 billion yuan in R&D and 26 billion yuan in projects, implementing 15 high-end chemical projects to solidify its growth foundation [3]. - The company emphasizes a dynamic and scientific approach to strategic decision-making, ensuring that projects leverage existing industry chain advantages and have both technological and market potential [3]. Group 4: Risk Management and Operational Efficiency - Hualu Hengsheng employs a comprehensive risk control system, conducting multi-dimensional evaluations of projects and ensuring rigorous financial management [4]. - The company maintains a cycle of continuous investment, with new projects starting and completing each year, contributing to sustained growth [4]. Group 5: Future Outlook - Hualu Hengsheng aims to transition from a coal-dominant model to a diversified support structure, focusing on green intelligent manufacturing and high-quality development [5]. - The company is committed to innovation and industry integration, striving to enhance competitiveness and set benchmarks for the coal chemical industry's transformation [5].