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, ...

摘要 2025 年前 11 个月商品煤销量同比减少，但自产商品煤销量增加。聚烯 烃产量因装置大修同比减少，尿素和甲醇产量及销量均同比增加，主要 受益于去年同期装置大修影响。 预计 12 月份煤化工产品生产保持稳定，前期烯烃装置检修后运营正常， 冬季天气因素影响有限，全年目标有望完成。11 月尿素销量低于产量系 保障其他产品运输，属正常波动。 四季度炼焦煤生产好于三季度，主力矿井恢复正常生产。2026 年商品 煤生产计划已基本制定，预计与 2025 年持平，各主力矿井处于正常生 产周期。 新建矿井投产时间可能推迟，但对 2026 年总产量影响有限。预计 2025 年第四季度生产成本环比可能上升，因安全费、维检费等储备类 项目动用规模较大。 预计 2025 年第四季度生产成本同比下降，降本增效措施显现。煤炭价 格回升若增加利润，可适当减少储备类项目使用，单位吨成本可能上升。 Q&A 2025 年前 11 个月中煤能源的主要生产经营情况如何？ 2025 年前 11 个月，中煤能源持续强化产销协同，不断优化产品结构，合理安 排装置检修，努力稳产增销。具体数据如下：商品煤产量 1.24 亿吨，同比减 少 152 万吨； ...

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].

证券代码：601898 证券简称：中煤能源 公告编号：2025-035 中国中煤能源股份有限公司 2025 年 10 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（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 10 月份 | 累计 | 10 月份 | 累计 | 10 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,144 | 11,302 | 1,134 | 11,365 | 0.9 | -0.6 | | （二）商品煤销量 | 万吨 | 2,188 | 21,224 | 2,510 | 23,061 | -12.8 | -8.0 | | 其中：自产商品煤销量 | 万吨 | 1,230 | 11,375 | 1,177 | 11,215 | 4.5 | 1.4 | | 二、煤化工业 ...

Core Insights - The evaluation results for information disclosure of listed companies in 2024 have decreased compared to 2023, with Tongde Chemical falling two levels from "Good" to "Unqualified" [1][2]. Company Overview - Tongde Chemical Co., Ltd. is located in Hequ County, Shanxi Province, established on June 10, 2001, and listed on March 3, 2010. The company specializes in manufacturing and selling ammonium nitrate, emulsified explosives, powdered explosives, silica series products, and related consulting services [1]. - The main revenue composition of Tongde Chemical includes: Engineering blasting (58.58%), Industrial explosives (27.98%), Other civil explosive materials (10.46%), Supply chain services (1.10%), Transportation services (0.72%), Power business (0.62%), and Others (0.54%) [1]. Industry Classification - Tongde Chemical belongs to the Shenwan industry classification of Basic Chemicals - Chemical Products - Civil Explosives. The company is associated with concepts such as low price, micro-cap stocks, polysilicon, small-cap, and civil explosives [1].

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended" [1] Core Views - The report highlights that the company's self-produced coal cost reduction and the recovery of coal prices have led to a significant improvement in gross profit on a quarter-on-quarter basis [1][7] - The company is expected to achieve a net profit attributable to shareholders of 162.4 billion, 172.6 billion, and 181.8 billion for the years 2025 to 2027, respectively, maintaining a stable profit outlook [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported revenue of 361.48 billion, a year-on-year decrease of 23.8%, and a net profit of 47.80 billion, a decrease of 1.0% [4] - For the first three quarters of 2025, revenue totaled 1,105.84 billion, down 21.2% year-on-year, with a net profit of 124.85 billion, down 14.6% [4] Coal Production and Sales - In Q3 2025, the company's self-produced coal output was 34.24 million tons, a year-on-year decrease of 4.4%, while total sales volume was 61.68 million tons, down 14.3% year-on-year [7] - The average selling price of self-produced coal was 483 yuan/ton, down 11.5% year-on-year but up 7.5% quarter-on-quarter [7] Market Outlook - The report indicates that since Q3 2025, market coal prices have stopped declining and are on the rise, with the Qinhuangdao port Q5500 thermal coal price increasing by 6% to approximately 672 yuan/ton [7] - The company is positioned as a leading thermal coal producer in China and is advancing its ongoing projects, which are expected to enhance its profit structure [7] Financial Projections - The projected revenue for 2025 is 168.53 billion, with a net profit of 16.24 billion, reflecting a year-on-year decrease of 16.0% [6] - The gross profit margin is expected to remain stable at around 24.5% for the coming years [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant improvement in performance with stable production and cost control despite a decline in coal prices and challenges in the chemical business due to maintenance [5][6] - The company is expected to maintain a high proportion of long-term contracts, enhancing revenue stability, and has potential for increased dividends due to strong cash reserves and low debt levels [6][7] Summary by Sections Market Performance - The closing price is 13.82 yuan, with a one-year high of 14.09 yuan and a low of 9.42 yuan [3] Financial Data - Total market capitalization is approximately 183.23 billion yuan, with a total share capital of 13,258.66 million shares and a debt-to-asset ratio of 45.82% [3] Business Performance - In the first three quarters of 2025, the company achieved revenues of 1105.8 billion yuan, a year-on-year decrease of 21.2%, and a net profit of 124.8 billion yuan, down 14.6% year-on-year [6] - The company produced 101.58 million tons of commodity coal, a slight decrease of 0.7% year-on-year, with stable production of thermal coal [6][7] Pricing and Cost Management - The average selling price of self-produced commodity coal was 474 yuan per ton, down 17.0% year-on-year, but the decline was less than the industry average due to a high proportion of long-term contracts [6] - The unit sales cost of self-produced commodity coal decreased by 10.1% year-on-year to 258 yuan per ton [6] Future Outlook - The company forecasts net profits of 167.9 billion yuan, 178.2 billion yuan, and 189.1 billion yuan for 2025-2027, with corresponding P/E ratios of 10.9, 10.3, and 9.7 [7][8] - The company is expected to continue benefiting from cost control measures and stable coal prices, with potential for dividend increases [7]