山煤国际能源集团股份有限公司2025 年半年度报告 公司代码：600546 公司简称：山煤国际 山煤国际能源集团股份有限公司 山煤国际能源集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孟君、主管会计工作负责人陈一杰及会计机构负责人（会计主管人员）焦建国 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配，不实施资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的行业趋势、发展战略、经营计划、经营目标等前瞻性陈述,会受到合并报表 范围变化、风险、不明朗因素及假设等因素的影响，实际结果可能与该等陈述有重大差异。该等 陈述不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且 应当理解计划、预测与承诺之间的差异，敬请投资者注 ...

8月27日，山煤国际盘中下跌2.04%，截至13:54，报10.07元/股，成交2.25亿元，换手率1.12%，总市值 199.63亿元。 山煤国际所属申万行业为：煤炭-煤炭开采-动力煤。所属概念板块包括：动力煤、山西国资、稀缺资 源、超超临界发电、太阳能等。 截至3月31日，山煤国际股东户数7.21万，较上期增加10.66%；人均流通股27505股，较上期减少 9.63%。2025年1月-3月，山煤国际实现营业收入45.02亿元，同比减少29.17%；归母净利润2.55亿元，同 比减少56.29%。 分红方面，山煤国际A股上市后累计派现115.70亿元。近三年，累计派现71.17亿元。 机构持仓方面，截止2025年3月31日，山煤国际十大流通股东中，华泰柏瑞上证红利ETF（510880）位 居第二大流通股东，持股5198.57万股，相比上期增加43.28万股。香港中央结算有限公司位居第三大流 通股东，持股3368.61万股，相比上期增加35.77万股。万家精选A（519185）位居第六大流通股东，持 股1346.29万股，相比上期减少495.08万股。南方中证500ETF（510500）位居第七大流通股东， ...

8月25日，山煤国际今日收盘10.38元，上涨1.47%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到10.61倍，总市值205.78亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入45.02亿元，同比-29.17%；净利润2.55亿元，同 比-56.29%，销售毛利率33.13%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8山煤国际10.619.071.22205.78亿行业平均 15.2012.661.70536.35亿行业中值14.4111.901.14137.54亿1新集能源7.947.091.03169.68亿2淮北矿业 9.057.380.83358.20亿3电投能源9.148.491.25453.25亿4晋控煤业9.288.401.23235.82亿5中煤能源 9.428.411.041624.19亿6陕西煤业9.609.582.222141.63亿7兖矿能源10.079.342.161347.03亿9平煤股份 11.578.670.85203.72亿10昊华能源13.0110.810.91112.03亿11华阳股份13.5511.900.94264.7 ...

8月25日，山煤国际盘中上涨2.05%，截至10:34，报10.44元/股，成交1.64亿元，换手率0.80%，总市值 206.97亿元。 资金流向方面，主力资金净流入1017.90万元，特大单买入2663.14万元，占比16.22%，卖出853.83万 元，占比5.20%；大单买入4111.10万元，占比25.05%，卖出4902.50万元，占比29.87%。 山煤国际今年以来股价跌6.28%，近5个交易日涨1.16%，近20日涨5.67%，近60日涨15.49%。 资料显示，山煤国际能源集团股份有限公司位于山西省太原市小店区晋阳街162号，成立日期2000年11 月20日，上市日期2003年7月31日，公司主营业务涉及新能源开发;煤炭、焦炭产业投资、煤焦及其副产 品的储运出口;物流信息咨询服务。主营业务收入构成为：自产煤36.87%，贸易煤24.93%，自产煤:冶金 煤18.62%，自产煤:动力煤18.25%，运输1.16%，其他0.17%。 责任编辑：小浪快报 山煤国际所属申万行业为：煤炭-煤炭开采-动力煤。所属概念板块包括：山西国资、动力煤、稀缺资 源、超超临界发电、高派息等。 截至3月31日，山煤国 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Shanmei International in the coal industry, noting its current stock price and market capitalization [1][2] - As of August 5, Shanmei International's closing price was 9.8 yuan, with a PE ratio of 10.01 times, and a total market value of 19.428 billion yuan [1] - The average industry PE ratio is 13.06 times, with a median of 13.19 times, placing Shanmei International at the 18th position within the industry [1][2] Group 2 - The company reported a significant decline in its latest quarterly performance, with a revenue of 4.502 billion yuan, down 29.17% year-on-year, and a net profit of 255 million yuan, down 56.29% year-on-year [1] - The sales gross margin for the company stands at 33.13% [1] - As of March 31, 2025, the number of shareholders increased to 72,075, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]

Company Overview - Shanmei International closed at 9.59 yuan, down 4.20%, with a rolling PE ratio of 9.80 times and a total market value of 19.012 billion yuan [1] - The company's main business includes coal production, sales, and logistics, with primary products being self-produced coal and washed coal [1] Financial Performance - For Q1 2025, the company reported operating revenue of 4.502 billion yuan, a year-on-year decrease of 29.17%, and a net profit of 255 million yuan, down 56.29% year-on-year, with a sales gross margin of 33.13% [1] Industry Comparison - The average PE ratio for the coal industry is 13.00 times, with a median of 13.08 times, placing Shanmei International at 18th in the industry ranking [1] - The company is held by 16 institutions, including 16 funds, with a total holding of 33.2253 million shares valued at 290 million yuan [1] Valuation Metrics - Shanmei International's PE (TTM) is 9.80, while the industry average is 13.00, indicating a lower valuation compared to peers [2] - The company's market value stands at 19.012 billion yuan, compared to the industry median market value of 119.92 billion yuan [2]

Core Viewpoint - Shanmei International's stock price closed at 10.36 yuan, up 3.60%, with a rolling PE ratio of 10.59, marking a new low in 70 days, and a total market value of 20.538 billion yuan [1] Group 1: Company Performance - For Q1 2025, Shanmei International reported operating revenue of 4.502 billion yuan, a year-on-year decrease of 29.17%, and a net profit of 255 million yuan, down 56.29% year-on-year, with a gross profit margin of 33.13% [1] - The company primarily engages in coal production, sales, and logistics, with main products including self-produced coal and washed coal [1] Group 2: Shareholder Information - As of March 31, 2025, Shanmei International had 72,075 shareholders, an increase of 6,943 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 3: Industry Comparison - The average PE ratio for the coal industry is 13.56, with a median of 13.63, placing Shanmei International at 18th in the industry ranking [1] - The static PE ratio for Shanmei International is 9.05, and the price-to-book ratio is 1.22 [2]

Group 1 - The core viewpoint of the articles indicates that Shanmei International's stock is currently undervalued compared to the industry average, with a PE ratio of 8.89 compared to the industry average of 12.94 [1][2] - As of the first quarter of 2025, Shanmei International reported a revenue of 4.502 billion yuan, a year-on-year decrease of 29.17%, and a net profit of 255 million yuan, down 56.29% year-on-year, with a gross margin of 33.13% [1] - The total market capitalization of Shanmei International is 17.247 billion yuan, with 33 institutions holding shares, including 29 funds, 2 other entities, and 2 insurance companies, totaling 1.3618112 billion shares valued at 14.653 billion yuan [1] Group 2 - The company ranks 17th in the coal industry based on PE ratio, which is significantly lower than the industry median of 12.69 [1][2] - The main business of Shanmei International includes coal production, sales, and logistics, with primary products being self-produced coal and washed coal [1] - The industry average PE ratio is 12.94, while the industry median is 12.69, indicating that Shanmei International's valuation is below the industry standards [2]

Core Viewpoint - The National Energy Group has achieved significant operational success in the first quarter of 2025, maintaining high coal production levels and increasing renewable energy output, while also expanding its logistics capabilities in non-coal transportation [1] Group 1: Coal Production - The National Energy Group's self-produced coal has maintained a daily production level of 50 million tons for 42 consecutive months, reaching a historical seasonal peak [1] - The market share of coal shipped from northern ports remains above 40% [1] Group 2: Electricity Generation - The total electricity generation reached 296.4 billion kilowatt-hours, with daily renewable energy generation increasing by 21% year-on-year [1] - Solar power generation continues to show leading growth rates [1] Group 3: Logistics and Transportation - The company has expanded its non-coal logistics operations, with year-on-year increases in non-coal transportation volumes: rail transport up by 7.8%, port transport up by 27.4%, and shipping transport up by 486.3%, all achieving historical seasonal highs [1]