韦思宇 长江证券煤炭分析师: 各位投资者领导，大家下午好，欢迎收听长江煤炭的马年开门红的线上策略会，是中煤能 源的一个专场交流。我是长江证券煤炭行业的分析师韦思宇，新的一年，也是祝大家马年 大吉，马上来财。那么下面我们进入到正式的会议环节，今天非常荣幸的邀请到了中煤能 源的郭总和闫琪总，也是大家这个老朋友了，出席本次的这个会议。那么会议将分为两个 环节，首先是这个郭总跟闫琪姐这边，去简单介绍一下公司的一些近况，然后我们再进入 到这个互动问答的环节。 那么下面，我们就把时间交给郭总，欢迎李总。咱们可以开始了。 中煤能源证券事务部郭威: 好的，感谢这个长江证券的组织，在这个第一个工作日的下午，就及时的召开了这么一个 会议。我是中煤能源证券事务部郭威。因为鉴于这个时间关系吧，我就先简单的说一说近 况，还是以后续大家的这个问答。Give it always 进入这个 26 年，公司的生产经营还是 比较正常，走过了这两个多月的时间，不过大家也看到，在我们年前，春节之前发布的 1 月份的生产经营数据的公告中，资产煤的产量。同环比都是有一定程度的下行。过程中， 因为间隔了这个春节的假期，其实有不少朋友们也关注到、关心到我们 ...

证券代码：601898 证券简称：中煤能源 公告编号：2026-004 中国中煤能源股份有限公司 2026 年 2 月 12 日 | 指标项目 | 单位 | 2026 | 年 | 2025 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 1 | 累计 | 月份 1 | 累计 | 月份 1 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,029 | 1,029 | 1,148 | 1,148 | -10.4 | -10.4 | | （二）商品煤销量 | 万吨 | 2,005 | 2,005 | 2,163 | 2,163 | -7.3 | -7.3 | | 其中：自产商品煤销量 | 万吨 | 1,057 | 1,057 | 1,039 | 1,039 | 1.7 | 1.7 | | 二、煤化工业务 | | | | | | | | | （一）聚烯烃 | | | | | | | | | 1.聚乙烯产量 | 万吨 | 6.6 | 6.6 | 6.7 | 6. ...

Group 1 - China Coal Energy Group Co., Ltd. (referred to as China Coal) is a state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission, with a history dating back to 1982 when it was established as the China Coal Import and Export Corporation [1][30] - The company has coal resource reserves exceeding 700 billion tons, with a total coal production capacity of 310 million tons per year and an annual coal trade volume of nearly 400 million tons [1][30] - China Coal operates 69 coal mines and has 11 coal chemical projects with a total capacity of over 20 million tons, producing products such as polyolefins, methanol, urea, ammonium nitrate, and coke [1][30] - The company has 35 thermal power projects in operation and under construction, with a total installed capacity of 47.55 million kilowatts, and a renewable energy installed capacity of 7 million kilowatts [1][30] - China Coal has been recognized as one of the Fortune Global 500 companies for six consecutive years and has achieved an A-level performance assessment from the State-owned Assets Supervision and Administration Commission for six years [1][30] Group 2 - China Coal Xinji Energy Co., Ltd. is a secondary enterprise of China Coal located in Anhui Province, focusing on coal, electricity, and new energy [2][45] - The company has a production capacity of 23.5 million tons per year and a total installed capacity of 796,000 kilowatts for coal-fired power plants [2][45] - China Coal holds a 31.92% stake in Xinji Energy, with other shareholders including Guohua Energy and Anhui Xinji Coal Power [2][45] - The company is advancing the "two joint ventures" project to promote the coordinated development of coal, coal power, and new energy, aiming to exceed 10 million kilowatts in installed capacity by 2026 [2][45] Group 3 - China Coal Power Co., Ltd. is a wholly-owned subsidiary of China Coal, established in January 2020, focusing on power production and sales, as well as new power system project development [15][57] - The company is constructing two 660,000-kilowatt ultra-supercritical coal-fired power units in Xinjiang, with a total investment of approximately 5.79168 billion yuan [15][57] - The project is expected to be completed and put into operation by 2026, featuring advanced technologies for emissions reduction [15][57] Group 4 - The Southwest Branch of China Coal was established in February 2023 in Chongqing, managing several companies and focusing on energy supply in the southwest region [31][62] - The branch aims to develop clean and efficient coal power, accelerate new energy development, and explore green chemical layouts [31][62] - The company is involved in various projects, including the construction of a coal-fired power project in Sichuan with a planned capacity of 2×1000MW [32][63]

中证智能财讯四川美丰（000731）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润亏损9800万元至1.29亿元，上年同期盈利2.72亿元；扣非净利 润亏损1.32亿元至1.68亿元，上年同期盈利2.02亿元；基本每股收益-0.18元/股至-0.23元/股。以最新收盘价计算，市净率（LF）约0.98倍，市销率（TTM）约 0.89倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 100 砸 80 60a04 60 40 21692 20 4594 13.07 -9.94 7.66 7.32 ୧ 88 0 -20 -40 2021-06-30 2021-12-37 ' 2020-12-37 2022-12-37 2022-06-30 3-06-30 3-12-37 4-06-31 2n- -○- 公司 -○- 行业均值 100 96.01 ହ 90 80 70 60 50 47663 40 30 27a34 21 20 1 165 10 423 5.09 0 0.8 2027-12-37 | 2020-12-37 1 2021-06-30 ' ...

上述生产经营数据并不对本公司未来经营情况作出任何明示或默示的预测 或保证，投资者应注意不恰当信赖或使用以上信息可能造成投资风险。 公司将在本公告披露后适时召开月度生产经营数据说明会，具体参会事宜请 询公司投资者热线 010-82236028。 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（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 12 | 累计 | 月份 12 | 累计 | 月份 12 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,091 | 13,510 | 1,186 | 13,757 | -8.0 | -1.8 | | （二）商品煤销量 | 万吨 | 2,188 | 25,586 | 2,842 | 28,483 | -23.0 | -10.2 | | 其中：自产商品煤销量 | 万吨 | 1, ...

Summary of the Conference Call for China Coal Energy Industry Overview - The conference call primarily discusses the coal and coal chemical industry, focusing on China Coal Energy's performance and outlook for 2025 and 2026. Key Points Production and Sales Performance - In the first 11 months of 2025, the total coal production was 124 million tons, a decrease of 1.52 million tons year-on-year, while sales were 234 million tons, down by 22.43 million tons year-on-year. However, self-produced coal sales increased by 900,000 tons [2][3] - Polyolefin production was 1.249 million tons, down by 139,000 tons year-on-year, primarily due to major equipment maintenance. Sales were 1.233 million tons [3] - Urea production increased to 1.956 million tons, up by 272,000 tons year-on-year, with sales reaching 2.16 million tons, an increase of 336,000 tons [3] - Methanol production was 1.767 million tons, up by 211,000 tons year-on-year, with sales of 1.783 million tons, an increase of 237,000 tons [3] - The output value of coal mining equipment was 8.6 billion yuan, a decrease of 800 million yuan year-on-year [3] Cost and Pricing Outlook - The production cost for Q4 2025 is expected to rise compared to Q3 due to increased safety and maintenance costs, but a year-on-year decrease is anticipated due to cost reduction measures [2][9] - The average cost per ton is projected to stabilize around 290-300 yuan, reflecting a reasonable alignment with production realities [10] - Coal prices are expected to rise, with a cautious optimistic outlook for 2026. The anticipated price range for December is between 750-820 yuan [4][11] Future Production Plans - The production plan for 2026 is nearly finalized, with expectations to maintain stability compared to 2025. Main mines are operating normally [7][8] - New mine production may be delayed, but this will have a limited impact on total output for 2026 [8] - The long-term contract situation for 2026 remains stable, with a continuation of the pricing mechanism based on a base price plus a floating price [13] Market Dynamics and Strategic Focus - The company is focused on optimizing production and sales coordination, enhancing product structure, and managing costs effectively [3][19] - The recent fluctuations in coal prices are considered normal, with expectations of a return to fundamental market conditions [14] - The company emphasizes the importance of safety and environmental regulations, aiming to maintain a competitive edge while ensuring sustainable development [15][19] Challenges and Risks - The company acknowledges potential challenges from market volatility and regulatory pressures but remains committed to strategic investments in coal chemical projects to enhance product value and reduce dependency on external resources [18] Conclusion - Overall, China Coal Energy is positioned to navigate the current market dynamics with a focus on stability in production and sales, cost management, and strategic investments in coal chemical projects to ensure long-term growth and sustainability [16][19]

证券代码：601898 证券简称：中煤能源 公告编号：2025-036 中国中煤能源股份有限公司 2025 年 11 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（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 11 | 累计 | 月份 11 | 累计 | 月份 11 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,117 | 12,419 | 1,206 | 12,571 | -7.4 | -1.2 | | （二）商品煤销量 | 万吨 | 2,174 | 23,398 | 2,580 | 25,641 | -15.7 | -8.7 | | 其中：自产商品煤销量 | 万吨 | 1,167 | 12,542 | 1,231 | 12,446 | -5.2 | 0.8 | | 二、煤化 ...

Core Viewpoint - Tongde Chemical's stock has experienced fluctuations, with a recent decline in share price and significant changes in trading volume and shareholder structure [1][2][3]. Group 1: Stock Performance - As of November 19, Tongde Chemical's stock price decreased by 2.17%, trading at 5.42 CNY per share, with a total market capitalization of 2.178 billion CNY [1]. - Year-to-date, the stock price has increased by 10.16%, but it has seen a decline of 0.91% over the last five trading days [2]. - The company has appeared on the trading leaderboard once this year, with a net buy of -31.3028 million CNY on July 23 [2]. Group 2: Financial Performance - For the period from January to September 2025, Tongde Chemical reported a revenue of 331 million CNY, representing a year-on-year decrease of 20.53% [3]. - The net profit attributable to shareholders was -9.937 million CNY, reflecting a significant year-on-year decline of 125.28% [3]. Group 3: Business Overview - Tongde Chemical, established in June 2001 and listed in March 2010, specializes in manufacturing and selling ammonium nitrate, emulsified explosives, and silica products, among others [2]. - The company's revenue composition includes 58.58% from engineering blasting, 27.98% from industrial explosives, and 10.46% from other civil explosive materials [2]. - The company is categorized under the basic chemical industry, specifically in chemical products and civil explosive products [2]. Group 4: Shareholder Information - As of November 10, the number of shareholders increased by 7.20% to 24,100, while the average circulating shares per person decreased by 6.71% to 13,592 shares [3]. Group 5: Dividend Information - Since its A-share listing, Tongde Chemical has distributed a total of 444 million CNY in dividends, with 74.73 million CNY distributed over the past three years [4].

Summary of China Coal Energy Conference Call Company Overview - **Company**: China Coal Energy - **Period**: First ten months of 2025 Key Points Industry Overview - **Coal Market**: In October, the thermal coal market experienced price increases due to tight supply, rising costs, and winter expectations. The spot price for thermal coal at ports is projected to range between 800-860 RMB/ton in November [2][6][10] - **Coking Coal Market**: Influenced by environmental regulations and winter storage, the coking coal market is expected to show a strong performance in November [2][6] - **Urea Market**: Prices fell in October due to delayed agricultural sowing and rising inventories, with expectations of weak fluctuations in November, pricing between 1,550-1,650 RMB/ton [2][7] - **Polyolefins Market**: Sales prices decreased due to falling international oil prices and oversupply, with expectations of weak performance in November [2][8] - **Methanol Market**: Prices increased in the first ten months due to rising downstream demand and low inventories, but are expected to weaken in November, with prices in the northwest ranging from 1,800-2,000 RMB/ton [2][8] Production and Sales Data - **Coal Production**: In the first ten months of 2025, China Coal Energy produced 113 million tons of commercial coal, a decrease of 630,000 tons year-on-year. Sales reached 212 million tons, down 18.37 million tons [4] - **Chemical Products**: - Olefins and polyolefins production was 1.122 million tons, down 146,000 tons year-on-year; sales were 1.107 million tons, down 158,000 tons [4] - Urea production increased by 274,000 tons to 1.775 million tons; sales increased by 359,000 tons to 2.015 million tons [4] - Methanol production rose by 201,300 tons to 1.6 million tons; sales increased by 26 tons to 1.618 million tons [4] Future Outlook - **Capital Expenditure**: Expected to remain high at approximately 20 billion RMB in 2026, primarily for ongoing projects and equipment upgrades [4][11] - **Coal Supply Stability**: The coal supply is expected to stabilize over the next two years, with a long-term outlook suggesting domestic coal supply may plateau at 5 billion tons [4][14] - **New Energy Initiatives**: The company is focusing on developing wind and solar energy based on its own resources and exploring the potential of abandoned mines for energy storage and carbon capture [4][15] Pricing and Contractual Arrangements - **Long-term Contracts**: 75% of the company's resources are secured through long-term contracts, with stable pricing around 680 RMB, limiting the impact on downstream users [4][10][12] - **Pricing Mechanism**: The pricing mechanism for electricity coal is expected to maintain a base price plus floating price model, with adjustments to the floating reference index to better respond to market changes [4][10] Additional Insights - **Market Dynamics**: The coal price increase is attributed to multiple factors, including supply constraints, demand changes, and seasonal variations in hydropower [4][12] - **Industry Trends**: The cyclical nature of the coal industry is expected to weaken, with a focus on actual conditions and external environmental changes [4][14] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of China Coal Energy's performance, market conditions, and future strategies.

Company Overview - Shanxi Tongde Chemical Co., Ltd. was established on June 10, 2001, and listed on March 3, 2010. The company is located in Hequ County, Shanxi Province, and its main business includes the manufacturing and sales of ammonium nitrate, emulsified explosives, powder explosives, silica series products, and other related services [2]. Business Composition - The revenue composition of Tongde Chemical is as follows: engineering blasting accounts for 58.58%, industrial explosives 27.98%, other civil explosive materials 10.46%, supply chain services 1.10%, transportation services 0.72%, electric power business 0.62%, and others 0.54% [2]. Stock Performance - As of November 18, the stock price of Tongde Chemical decreased by 2.13% to 5.51 CNY per share, with a total market capitalization of 2.214 billion CNY. The stock has increased by 11.99% year-to-date, but has seen a decline of 1.25% over the last five trading days [1]. Trading Activity - The net outflow of main funds was 1.1547 million CNY, with large orders buying 647,800 CNY (4.80%) and selling 1.8025 million CNY (13.35%) [1]. Financial Performance - For the period from January to September 2025, Tongde Chemical reported a revenue of 331 million CNY, a year-on-year decrease of 20.53%. The net profit attributable to the parent company was -9.937 million CNY, a year-on-year decrease of 125.28% [2]. Shareholder Information - As of November 10, the number of shareholders of Tongde Chemical was 24,100, an increase of 7.20% from the previous period. The average circulating shares per person decreased by 6.71% to 13,592 shares [2]. Dividend Distribution - Since its A-share listing, Tongde Chemical has distributed a total of 444 million CNY in dividends, with 74.73 million CNY distributed over the past three years [3].