Summary of the Conference Call for China Coal Energy Industry Overview - The coal market experienced fluctuations in August, with thermal coal prices at ports reaching 697 RMB/ton, a month-on-month increase of 6.4% but a year-on-year decrease of 17.4% [2][5] - The coking coal market showed a decline, with Shanxi low-sulfur coking coal prices at 1,471 RMB/ton, down 30 RMB/ton (2% decrease) month-on-month and down 10% year-on-year [2][6] - The urea market remained weak, with average prices around 1,750 RMB/ton, a 14% year-on-year decline [2][7] - Polyolefin prices averaged about 7,500 RMB/ton, a slight decrease of 5% year-on-year, with expected price ranges for polyethylene and polypropylene in September [2][8] Company Performance - For the first eight months of the year, China Coal Energy produced 89.99 million tons of commercial coal, a decrease of 420,000 tons year-on-year, while sales were 170 million tons, down 10.2 million tons year-on-year [3] - The company’s self-produced coal sales increased by 1.71 million tons, indicating a shift from trade and agency coal [3] - Urea production increased by 24.5% year-on-year to 1.415 million tons, while methanol production rose by 22.2% to 1.317 million tons [3] - The company achieved a profit increase of approximately 2.1 billion RMB in the first half of the year through cost reduction measures [2][9] Market Outlook - The thermal coal market is expected to remain weak in September, with prices projected to fluctuate between 665-695 RMB/ton due to reduced demand from power plants and increased willingness from traders to sell [2][5] - The coking coal market is anticipated to stabilize, with prices for Shanxi low-sulfur coking coal expected between 1,300-1,470 RMB/ton [2][6] - The urea market is expected to continue its weak trend, with prices projected between 1,650-1,700 RMB/ton [2][8] - Polyolefin prices are expected to stabilize, with polyethylene and polypropylene prices projected within specified ranges [2][8] Cost Management - The company has implemented various cost reduction measures, resulting in stable costs in the third quarter compared to the second quarter, with expectations for annual costs to be lower than the previous year [9][20] - The company’s long-term contract fulfillment rate remains high, ensuring business stability and customer relationships [10][11] Future Projections - The company maintains an optimistic outlook on thermal coal prices, expecting them to fluctuate around a benchmark price of 675 RMB/ton, with potential highs exceeding 700 RMB [4][13] - The company’s coal chemical business is expected to remain profitable, with the resumption of operations in the second half of the year anticipated to offset losses incurred during maintenance [22] Additional Insights - The company is actively monitoring regulatory impacts from the Energy Bureau's recent directives, which are expected to have a limited effect on operations [16][17] - New mining projects, Li Bi and Wei Zi Gou, are on track for trial production in the second half of 2026 [15]

2025 年 8 月份主要生产经营数据公告 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。 证券代码：601898 证券简称：中煤能源 公告编号：2025-028 中国中煤能源股份有限公司 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 8 月份 | 累计 | 8 月份 | 累计 | 8 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,160 | 8,999 | 1,181 | 9,041 | -1.8 | -0.5 | | （二）商品煤销量 | 万吨 | 2,085 | 17,070 | 2,392 | 18,090 | -12.8 | -5.6 | | 其中：自产商品煤销量 | 万吨 | 1,151 | 9,040 | 1,116 | 8,869 | 3.1 | 1.9 | | 二、煤化工业务 | | | ...

Core Viewpoint - The company reported a net profit of 7,325,265,000 yuan for the first half of 2025, with a profit distribution plan to pay 2,197,579,500 yuan in cash dividends to shareholders, amounting to 0.166 yuan per share [1][41][33]. Group 1: Company Overview - The company is focused on enhancing its investment value and sharing development results with investors through a profit distribution plan approved at the 2024 annual general meeting [1]. - As of June 30, 2025, the company had a total issued share capital of 13,258,663,400 shares [1][41]. Group 2: Financial Performance - The company achieved a total profit of 119.39 billion yuan and a net profit attributable to shareholders of 77.05 billion yuan in the first half of 2025, maintaining a good profitability level despite a decline in market prices for coal and coal chemical products [6][7]. - The company’s coal production reached 67.34 million tons, an increase of 840,000 tons year-on-year, while the average sales price of self-produced coal decreased by 114 yuan per ton, leading to a revenue reduction of 7.639 billion yuan [7]. Group 3: Business Segments - The coal business achieved a gross profit of 14.347 billion yuan, with a unit sales cost of 262.97 yuan per ton, a decrease of 29.91 yuan per ton year-on-year [7]. - The coal chemical segment reported a gross profit of 1.416 billion yuan, benefiting from effective cost control despite a drop in sales prices for urea and polyolefins [7]. - The financial services segment maintained a profit of 738 million yuan, demonstrating strong asset management capabilities with an asset scale nearing 100 billion yuan [7]. Group 4: Strategic Initiatives - The company is implementing a "quality improvement and efficiency enhancement" action plan for 2025, focusing on optimizing production organization and enhancing operational efficiency [10][25]. - The company is actively pursuing technological innovation and collaboration with research institutions to advance clean and efficient coal utilization technologies [15][16]. Group 5: Governance and Compliance - The company has strengthened its governance mechanisms and compliance management, ensuring adherence to regulatory requirements and enhancing operational transparency [18][20]. - The company has established an ESG (Environmental, Social, and Governance) leadership group to integrate sustainable development practices into its operations [19]. Group 6: Investor Relations - The company has conducted over 50 investor communication activities in the first half of 2025, engaging nearly 160,000 participants to enhance understanding of its business strategies and performance [22]. - The company is committed to maintaining stable cash dividends and has developed a market value management plan to optimize its market performance [23].

Group 1 - The core viewpoint of the news is that China Coal Energy Co., Ltd. reported a decline in revenue and profit for the first half of 2025, primarily due to falling coal prices and weak demand in the coal market [1][2] - In the first half of 2025, the company achieved an operating income of 74.4 billion yuan and a net profit attributable to shareholders of 7.7 billion yuan, with a cash inflow from operating activities of 7.7 billion yuan and a debt-to-asset ratio of 45.0% [1] - The coal business revenue was 60.57 billion yuan, down 22.1% from 77.77 billion yuan in the first half of 2024, while the coal chemical business revenue decreased by 13.6% to 9.36 billion yuan [1] Group 2 - The chairman of China Coal Energy stated that the coal industry is under significant pressure due to increased production, high imports, weak consumption, and declining prices, but there are signs of recovery in the coal market [2] - The company plans to focus on high-quality development and maintain good profitability in the second half of the year [2] - To enhance shareholder returns, the company announced a mid-year cash dividend of 0.166 yuan per share (before tax) [2]

Core Viewpoint - The report highlights the financial performance and operational achievements of China Coal Energy Company Limited for the first half of 2025, indicating a decline in revenue and profit due to market pressures, while emphasizing ongoing efforts in cost management and operational efficiency [1][3][11]. Financial Performance - The company's total revenue for the first half of 2025 was CNY 74.44 billion, a decrease of 19.9% compared to CNY 92.98 billion in the same period last year [3]. - The total profit for the period was CNY 11.94 billion, down 28.6% from CNY 16.72 billion year-on-year [3]. - The net profit attributable to shareholders was CNY 7.70 billion, a decline of 21.3% from CNY 9.79 billion in the previous year [3]. - The company plans to distribute CNY 2.20 billion in cash dividends, which is 30% of the net profit under international financial reporting standards [1]. Operational Highlights - The company achieved a coal production of 67.34 million tons, an increase of 0.13 million tons year-on-year [5][12]. - The sales volume of self-produced coal was 67.11 million tons, reflecting a year-on-year increase of 1.4% [12]. - The coal chemical business produced 2.99 million tons of products, a 2.1% increase compared to the previous year [14]. Market Conditions - The domestic coal production maintained a stable growth, with a total output of 2.4 billion tons in the first half of the year, up 5.4% year-on-year [11]. - Coal imports decreased by 11.1% to 22.2 million tons, indicating a shift towards domestic supply [11]. - The overall coal market experienced price declines due to oversupply, with significant pressure on profit margins [11][19]. Strategic Initiatives - The company is focusing on enhancing operational efficiency through lean management and cost control measures, achieving a reduction in unit sales costs for self-produced coal by CNY 29.91 per ton [6][17]. - Ongoing projects include the development of integrated coal-electricity-chemical industries, with significant investments in new technologies and infrastructure [7][19]. - The company is also advancing its digital transformation initiatives, aiming to improve decision-making and operational efficiency through intelligent systems [8][19]. Future Outlook - The company aims to adapt to market changes by reinforcing production and sales coordination, enhancing cost management, and accelerating project development to ensure a solid start to the 14th Five-Year Plan [9][19]. - The focus will remain on high-quality development, with an emphasis on innovation and sustainability in the energy sector [10][19].

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].

Group 1 - Company stock price on August 18 was 11.95 yuan, down 0.23 yuan, a decline of 1.89% from the previous trading day [1] - Trading volume on that day was 368,336 hands, with a transaction amount of 443 million yuan [1] - Company is a major coal production enterprise in China, engaged in coal production and trade, coal chemical industry, and coal mining equipment manufacturing [1] Group 2 - Company is part of the coal industry and belongs to the Beijing sector [1] - Company announced it will hold a 2025 semi-annual performance briefing on August 25 [1] - On August 18, net outflow of main funds was 45.63 million yuan, with a cumulative net outflow of 61.47 million yuan over the past five days [1]

证券代码：601898 证券简称：中煤能源 公告编号：2025-023 中国中煤能源股份有限公司 2025 年 7 月份主要生产经营数据公告 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。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 7 月份 | 累计 | 7 月份 | 累计 | 7 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,105 | 7,839 | 1,210 | 7,860 | -8.7 | -0.3 | | （二）商品煤销量 | 万吨 | 2,117 | 14,985 | 2,343 | 15,698 | -9.6 | -4.5 | | 其中：自产商品煤销量 | 万吨 | 1,178 | 7,889 | 1,134 | 7,753 | 3.9 | 1.8 | | 二、煤化工业务 | | | ...