（一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （二）本次董事会会议的通知和资料于 2024 年 12 月 18 日以电子邮件和 书面方式发出。 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。 一、董事会会议召开情况 （三）本次董事会会议于 2024 年 12 月 25 日（星期三）上午 9:00 在山西 华阳集团新能股份有限公司会议室以现场结合视频方式召开。 （四）本次董事会会议应出席的董事人数为 9 人，实际出席会议的董事人 数为 9 人，其中，公司董事长王永革先生因参加省委重要会议，不能现场参加 本次董事会，王永革先生授权委托王大力先生代为行使表决权。独立董事刘志 远先生、潘青锋女士、姚婧然女士，以线上视频方式参会。 | 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-046 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-047 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | | 山西华阳集团新能股份有限公司 关于同意开元公司向中国银行办理续贷并提供 担保的公告 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。 重要内容提示： 一、担保情况概述 开元公司是华阳股份全资子公司。为保证生产经营需要，拟向中国银行股 份有限公司阳泉市分行申请接续流动资金贷款授信 5 亿元，贷款期限 1 年，贷 款利率不超过 2.93%。公司拟为本项目提供连带责任保证，保证期间为主合同 项下债务履行期届满之日起三年。 公司于 2024 年 ...

Group 1 - The core announcement is that Huayang Co., Ltd. has commenced joint trial operations at its wholly-owned subsidiary Qiyuan Coal Industry Co., Ltd. on December 15, 2024 [1] - Qiyuan Coal Industry has a mining area of 207 square kilometers and geological reserves of 2.026 billion tons, with a designed production capacity of 5 million tons per year and a service life of 140 years [1] - The main coal seams being mined are 8 and 15, and the project is supported by dedicated railway lines and a coal washing plant [1] Group 2 - The Qiyuan Coal Industry project is classified as a provincial key project and is considered a milestone in the high-quality development process of Huayang Co., Ltd. [2]

华阳股份将及时披露上述项目的后续进展情况，敬请投资者关注，注意投 资风险。 | 证券代码：600348 | 证券简称：华阳股份 | 公告编号：2024-045 | | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | 山西华阳集团新能股份有限公司 关于七元公司进入联合试运转的公告 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。 山西华阳集团新能股份有限公司全资子公司阳泉煤业集团七元煤业有限 责任公司（简称"七元公司"），于 2024 年 12 月 15 日进入联合试运转。 七元公司井田面积 207 平方公里，地质储量 20.26 亿吨，设计生产能力 500 万吨/年，服务年限 140 年，主采 8#、15#煤， ...

3、注重绿色矿山建设，"双碳"作引领，"绿色"满矿山：坚持以"双 碳"目标为引领，坚定不移走绿色发展道路，以"绿"为底、向"绿"而行， 标本兼治、远近兼顾，降碳、减污、扩绿、增长协同推进，以发展的"含绿量" 提升增长的"含金量"，全力打造绿色华阳。强化日常矸石山巡查、补土修复 及绿化养护工作，治理后的矸石山物种多样性和生物量不断增加，茅草、白羊 草、长芒草、苔草和蒿草等常见草种遍布其中，最终形成一个稳定、多元化的 生态系统。2024 年初至今，矸石处置、矸山治理等方面，累计投资 4900 万元。 二、加速新能源产业布局，推动新质生产力发展 | 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-044 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 | Y1 | | 债券代码：241771 | 债券简称：24 | 华阳 | Y2 | | 债券代码：241972 | 债券简称：24 | ...

Investment Rating - The report assigns an "Accumulate" rating to the company, marking the first coverage of the stock [1]. Core Insights - The company reported a net profit improvement in Q3 2024, with new production capacity expected to ramp up [1]. - For the first three quarters of 2024, the company achieved operating revenue of 18.602 billion yuan, a year-on-year decrease of 14.09%, and a net profit attributable to shareholders of 1.819 billion yuan, down 57.42% year-on-year. In Q3 2024, the company recorded operating revenue of 6.403 billion yuan, a year-on-year increase of 2.63% and a quarter-on-quarter increase of 5.99%. The net profit for Q3 was 520 million yuan, a significant year-on-year decline of 58.72% but a quarter-on-quarter increase of 20.51% [4]. Summary by Sections Recent Performance - The company's coal sales volume improved quarter-on-quarter, indicating potential marginal performance recovery. The decline in performance was primarily due to reduced coal sales and falling coal prices during the reporting period. The total raw coal production for the first three quarters was 28.7422 million tons, down 17.6% year-on-year, while the sales volume of commercial coal was 26.5818 million tons, down 15.9% year-on-year. In Q3, raw coal production was 10.0822 million tons, down 9.33% year-on-year and 0.73% quarter-on-quarter, with commercial coal sales at 9.4818 million tons, down 5.47% year-on-year but up 7.55% quarter-on-quarter [5]. Cost and Profitability - The cost per ton of coal decreased quarter-on-quarter, leading to a recovery in gross profit. The average selling price of coal for the first three quarters was 564.33 yuan/ton, down 7.1% year-on-year. The selling price in Q3 was 550 yuan/ton, down 2.5% year-on-year but up 1.4% quarter-on-quarter. The cost per ton was 319 yuan/ton, up 21.1% year-on-year but down 8.0% quarter-on-quarter, resulting in a gross profit of 230 yuan/ton, down 23.2% year-on-year but up 9.6% quarter-on-quarter [6]. Project Development - The company has ongoing coal mine projects progressing smoothly, ensuring energy reserves are secure. The approved production scale for the Qiyuan and Bolin coal mines is 5 million tons/year each, totaling an additional 10 million tons/year. Additionally, the company acquired coal exploration rights in Shouyang County for 6.3 billion tons, further enhancing its coal resource reserves and optimizing resource allocation [7]. Investment Outlook - The report suggests that as the impact of the "three excesses" regulation in Shanxi Province diminishes, the company's coal production and sales are expected to gradually improve, leading to marginal performance recovery. The steady advancement of coal mine projects and active acquisition of coal exploration rights will further increase the company's coal resource reserves, potentially benefiting from increased capacity and opening up growth opportunities in the future. The projected net profits for 2024-2026 are 3.376 billion, 3.590 billion, and 3.918 billion yuan, respectively, with corresponding EPS of 0.94, 1.00, and 1.09 yuan, leading to PE ratios of 8.24x, 7.75x, and 7.10x [9].

Group 1: Dividend and Profit Distribution - The company has distributed a total of 11.816 billion yuan in dividends since its listing [1] - The dividend plan from 2021 to 2026 includes a minimum annual cash distribution of 30% of the available profit [1] - In 2024, the company plans to distribute 2.590 billion yuan in cash dividends, with a payout ratio of 50.1% [1] Group 2: Cash Flow Status - As of the end of Q3 2024, the company has a cash and cash equivalents balance of 8.953 billion yuan, indicating sufficient cash flow [2] - The company aims to maintain reasonable cash flow through adjustments in financing structure and asset optimization [2] Group 3: Share Buyback and Market Value - The company is considering utilizing favorable financial policies for share buybacks to enhance its market value [2] - Recent policies from financial authorities are expected to help reduce financing costs and improve investor confidence [2] Group 4: Innovation and Research Incentives - The company has established a technology innovation system focusing on grassroots enterprises as the main innovation entities [3] - A robust incentive mechanism has been developed to encourage independent innovation among research personnel [3] - The company aims to create a positive cycle where knowledge creation is valued and contributors receive appropriate rewards [3]

Investment Rating - The report maintains an "Accumulate-A" investment rating with a 6-month target price of 8.07 CNY [1][5]. Core Insights - The company reported a revenue of 18.19 billion CNY for the first three quarters of 2024, a decrease of 57.42% year-on-year, with a net profit of 5.20 billion CNY in Q3 2024, down 58.72% year-on-year but up 20.51% quarter-on-quarter [2][3]. - The company is expected to see an increase in coal production and resource reserves due to ongoing construction of new mines and successful bids for exploration rights [4][5]. - Revenue projections for 2024-2026 are 21.69 billion CNY, 23.83 billion CNY, and 24.37 billion CNY, with corresponding net profits of 2.37 billion CNY, 2.88 billion CNY, and 3.02 billion CNY, indicating a significant decline in 2024 followed by recovery in subsequent years [4][6]. Financial Performance Summary - For Q3 2024, the company achieved a coal production of 10.08 million tons, a decrease of 9.4% year-on-year, while the coal sales volume was 9.48 million tons, down 5.5% year-on-year [3]. - The average selling price of coal in Q3 2024 was 550 CNY per ton, a decrease of 2.5% year-on-year, while the cost per ton increased by 20.8% year-on-year to 319 CNY [3]. - The company’s financial forecasts indicate a net profit margin of 10.9% for 2024, improving to 12.1% in 2025 and 12.4% in 2026 [6][7].

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-043 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 山西华阳集团新能股份有限公司 关于召开2024年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 11 月 15 日(星期五)上午 09:00-10:00。 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 投资者可于 2024 年 11 月 8 日(星期五) 至 11 月 14 日(星期四)16:00 前 登录上证路演中心网站首 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Huayang Co., Ltd. (600348.SH) [1] Core Views - The company's performance has been impacted by a decline in coal prices and volumes, but the upcoming production from the Qiyuan coal mine is expected to provide a boost [4] - Despite a challenging first three quarters in 2024, improvements in both volume and price are anticipated in the fourth quarter, alongside the expected contribution from the Qiyuan mine [4] Financial Performance Summary - For the first nine months of 2024, the company reported revenue of 18.602 billion yuan, a year-on-year decrease of 14.09% [1] - The net profit attributable to shareholders was 1.819 billion yuan, down 57.42% year-on-year, with a basic earnings per share of 0.5 yuan [1] - The average selling price of coal was 564 yuan per ton, a decrease of 7.03% year-on-year, while the cost per ton increased by 12.24% to 342 yuan [2] - The gross profit margin for coal was 39.46%, down 10.39 percentage points year-on-year [2] Production and Sales Summary - The company produced 28.74 million tons of raw coal, a decrease of 17.6% year-on-year, and sold 26.58 million tons, down 15.88% year-on-year [2] - In Q3 2024, coal production was 10.08 million tons, with sales of 9.48 million tons, showing a significant improvement in sales volume compared to Q2 [3] Future Outlook - The company expects earnings per share (EPS) to be 0.71, 0.81, and 0.96 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 10.5, 9.2, and 7.8 [4] - The anticipated production from the Qiyuan coal mine (5 million tons/year) and the ongoing construction of the Bolin coal mine (5 million tons/year) are expected to secure the company's coal business continuity [3]