证券代码：601001 证券简称：晋控煤业 公告编号：临2025－001 晋能控股山西煤业股份有限公司 一、董事会会议召开情况 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日以书面、传真或电子邮件方式向全体董事、监事发出了 召开第八届董事会第十一次会议的通知。本次会议于 2025 年 1 月 15 日在公司二楼会议室以现场及通讯表决方式召开。会议应出席董事 14 人，实际出席董事 14 人，以通讯表决方式出席会议的人数为 3 人。 会议由公司董事长李建光先生主持，符合《公司法》《公司章程》的 有关规定。公司监事及其他高级管理人员列席了会议。 1.审议通过《关于预计公司 2025 年度日常关联交易的议案》 第八届董事会第十一次会议决议公告 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。 二、董事会会议审议情况 该议案审议事项为关联交易事项，关联董事李建光、曹华天、张 献伟、杨志强回避表决，其余非关联董事对上述关联交易议案进行表 决。公司独立董事在 2025 年第一次专门会议上已发表了同意的审 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2025－002 晋能控股山西煤业股份有限公司 第八届监事会第八次会议决议公告 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。 一、监事会会议召开情况 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日以书面、传真或电子邮件方式向全体监事发出了召开第 八届监事会第八次会议的通知。本次会议于 2025 年 1 月 15 日在公司 二楼会议室以现场表决方式召开。会议应出席监事 5 人，实际出席监 事 5 人。会议由公司监事会主席雷永升先生主持，符合《公司法》《公 司章程》的有关规定。 二、监事会会议审议情况 审议通过了《关于预计公司 2025 年度日常关联交易的议案》。 该议案 5 票同意，0 票反对，0 票弃权。 议案具体内容请见公司临 2025-003 号《晋能控股山西煤业股份 有限公司关于预计 2025 年度日常关联交易公告》。 本议案尚需提交股东会审议。 特此公告。 晋能控股山西煤业股份有限公司监事会 二○二五年一月十六日 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－028 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司关于调整 2024年度日常关联交易公告 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： ●是否需要提交股东大会审议：否 ●日常关联交易对公司的影响：公司日常关联交易于公司日常业务中 进行，定价公平合理，符合公司及股东的利益，不会对关联方形成较大的 依赖。 一、日常关联交易基本情况 (一) 调整日常关联交易履行的审议程序 1.晋能控股山西煤业股份有限公司(以下简称"公司") 于 2024 年 12 月 20 日召开第八届董事会第十次会议，审议通过了《关于调整公司 2024 年日常关联交易预计额度的议案》，关联董事李建光、曹华天、张献伟、杨 志强回避表决，其余非关联董事一致审议通过该议案。公司于同日召开第 八届监事会第七次会议审议，审议通过了《关于调整公司 2024 年日常关联 交易预计额度的议案》。该议案无需提交公司股东大会审议。 2.公司于 2024 年 12 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－029 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司 第八届监事会第七次会议决议公告 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。 一、监事会会议召开情况 审议通过了《关于调整公司 2024 年日常关联交易预计额度的议 案》。 该议案 5 票同意，0 票反对，0 票弃权。 议案具体内容请见公司临 2024-028 号《晋能控股山西煤业股份 有限公司关于调整 2024 年度日常关联交易公告》。 本议案无需提交股东大会审议。 特此公告。 晋能控股山西煤业股份有限公司监事会 二○二四年十二月二十一日 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日以书面、传真或电子邮件方式向全体监事发出了召开 第八届监事会第七次会议的通知。本次会议于 2024 年 12 月 20 日在 公司二楼会议室以现场表决方式召开。会议应出席监事 5 人，实际出 席监事 5 人。会议由公司监事会主席雷永升先生主持，符合《公司 ...

审议通过了《关于调整公司 2024 年日常关联交易预计额度的议 案》。 证券代码：601001 证券简称：晋控煤业 公告编号：临2024－027 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司 第八届董事会第十次会议决议公告 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。 一、董事会会议召开情况 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日以书面、传真或电子邮件方式向全体董事、监事发出 了召开第八届董事会第十次会议的通知。本次会议于 2024 年 12 月 20 日在公司二楼会议室以现场及通讯表决方式召开。会议应出席董 事 14 人，实际出席董事 14 人，以通讯表决方式出席会议的人数为 7 人。会议由公司董事长李建光先生主持，符合《公司法》《公司章程》 的有关规定。公司监事及其他高级管理人员列席了会议。 二、董事会会议审议情况 该议案审议事项为关联交易事项，关联董事李建光、曹华天、张 献伟、杨志强回避表决，其余非关联董事对上述关联交易议案进行表 决。公司 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－026 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司 关于开展"提质增效重回报"专项行动的公告 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。 为深入贯彻落实《关于进一步提高上市公司质量的意见》，积极 响应上海证券交易所《《关于开展沪市公司《 提质增效重回报"专项行 动的倡议》，切实履行上市公司责任，维护股东利益，推动公司高质 量发展，晋能控股山西煤业股份有限公司（以下简称 公司"）结合 自身经营状况和行业发展趋势，开展 提质增效重回报"专项行动。 现将专项行动开展情况报告如下： 一、聚焦煤炭主业攻坚，稳步提升经营效益 公司矢志不渝聚焦主业，按照 15 字 30 条"经营管理措施，深 挖内部潜力，促进效率提升，确保煤炭稳产高产。同时，严格成本管 理，优化产销衔接，拓宽外部盈利渠道，努力建设发展路径更宽、煤 炭主业更强、资产结构更优、融资能力更好、盈利水平更高的综合类 能源上市公司，全方位推动企业经济效益跃上新台阶。 聚焦煤炭主业 ...

Investment Rating - Buy (First Rating) with a target price of 18.92 RMB [1] Core Views - The company is a low-cost, high-quality thermal coal enterprise with long mineable years and cost advantages [4] - The company has strong financials with ample cash on hand, optimized debt structure, and declining financial expense ratio [4] - Significant potential for asset injection from its parent company, Jineng Group, which is the second-largest coal enterprise in China [4] - The company's valuation is relatively low compared to peers, making it an attractive investment [106] Company Overview - The company, formerly known as Datong Coal, was renamed Jinkong Coal in December 2020 and is primarily engaged in coal production and sales [15] - It is backed by Jineng Group, the largest coal enterprise in Shanxi and the second-largest in China, with abundant coal resources [16] - The company's coal quality is excellent, with low ash, low sulfur, and high calorific value, making it suitable for power generation, cement, and building materials industries [15] - The company benefits from a strategic location near major railway lines and ports, facilitating coal transportation [15] Operational Highlights - The company's coal business accounts for over 95% of total revenue and 98% of gross profit, with non-coal businesses (e.g., activated carbon) contributing minimally [20] - The company's main mines, Tashan and Selian, have mineable years of 59 and 46 years, respectively, ensuring long-term resource stability [21] - Tashan Mine, with an annual capacity of 26.5 million tons, is the company's primary profit contributor, accounting for 76.4% of total coal production and 75.9% of sales in 2023 [25] - The company's coal cost per ton is among the lowest in the industry, driven by the scale and efficiency of Tashan Mine [22] Financial Performance - The company's revenue in 2023 was 15.34 billion RMB, a decrease of 4.6% YoY, mainly due to a 13.7% decline in coal prices [32] - Net profit in 2023 was 3.30 billion RMB, an increase of 8.4% YoY, driven by cost control and declining financial expenses [57] - The company's debt structure has improved significantly, with short-term debt decreasing by 100% YoY in Q3 2024 and financial expense ratio declining to 0.4% [63] - The company's dividend payout ratio has been increasing, reaching 40.1% in 2023, with further room for growth as asset quality improves [76] Asset Injection Potential - The company's parent group, Jineng Group, has a total coal production capacity of 450 million tons per year, while the company's capacity is only 34.5 million tons, representing a low asset securitization rate of 7.7% [4] - Jineng Group has committed to injecting high-quality coal assets into the company, with a focus on assets that meet profitability and compliance standards [97] - The company has sufficient cash flow and a declining debt-to-asset ratio, positioning it well to acquire additional high-quality assets [97] Valuation and Investment Recommendation - The company's 2024-2026 revenue growth is projected to be -1.5%, +2.7%, and +2.7%, respectively, with net profit growth of -12.0%, +9.0%, and +6.9% [100] - The company's PE ratio is lower than its peers, with a 2025E PE of 7.6x, compared to the industry average of 10.0x [106] - Based on a 10x PE valuation for 2025, the target price is set at 18.92 RMB, with a "Buy" rating [106]

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－025 债券代码：185329 债券简称：22晋股01 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： 晋能控股山西煤业股份有限公司 投资者可于 2024 年 11 月 7 日至 11 月 13 日 16:00 前登录上证路演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 jkmypublic@yeah.net 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 晋能控股山西煤业股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计 划于 2024 年 11 月 14 日 15:00-16:00 举行 2024 年第三季度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The report indicates that the company's Q3 performance showed stable growth in both volume and price, leading to improved performance compared to the previous quarter. The coal production and sales volume are expected to increase year-on-year [7]. - The report highlights that despite a weak coal price environment, the company managed to increase its self-produced coal prices, indicating a recovery in profitability [7]. - The forecast for 2024-2026 has been adjusted downwards due to weak coal prices, with expected revenues of 150.13 billion, 154.01 billion, and 156.44 billion respectively, and net profits of 27.87 billion, 30.03 billion, and 31.31 billion respectively [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 112.34 billion yuan, a decrease of 0.19% year-on-year, and a net profit of 21.51 billion yuan, a decrease of 0.62% year-on-year [7]. - In Q3 2024, the company reported revenue of 38.55 billion yuan, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 3.60% [7]. - The coal production for the first three quarters was 25.79 million tons, a year-on-year increase of 1.47%, while the sales volume was 22.07 million tons, a slight decrease of 0.30% year-on-year [7]. Price and Cost Analysis - The average unit price for coal in the first three quarters was 494 yuan/ton, a slight increase year-on-year, while the unit cost was 262 yuan/ton, a decrease of 0.62% year-on-year [7]. - In Q3 2024, the unit price was 492 yuan/ton, reflecting a year-on-year increase of 3.69% and a quarter-on-quarter increase of 2.19% [7]. Production Capacity - The company currently has a total production capacity of 34.5 million tons per year from its two controlling coal mines, with a capacity utilization rate of 102.80% in Q3 2024 [7]. - The report anticipates that the company will maintain high production levels in Q4, with a year-on-year increase in total production expected [7]. Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been revised, with expected earnings per share of 1.67, 1.79, and 1.87 yuan respectively [7]. - The current stock price of 15.45 yuan corresponds to a P/E ratio of 9.3X for 2024, 8.6X for 2025, and 8.3X for 2026 [7].

Industry and Company Overview * **Industry**: Coal mining and production * **Company**: A large coal mining company in Shanxi Province, China * **Focus**: Discussion on production targets, market conditions, pricing, costs, and future plans Key Points Production and Sales * **Production Targets**: The company aims to produce 9.27 million tons in 2024, with the first three quarters already producing around 25.6 million tons. The fourth quarter is expected to produce around 8.56 million tons, lower than the previous year's fourth quarter. The overall target is achievable but there is uncertainty about exceeding it. [1] * **Market Conditions**: The company expects stable production levels due to limited mining operations and capacity constraints. There is limited room for increased production despite having a 10% capacity buffer. [2] * **Sales**: The company's sales structure remains stable, with around 80% of sales going to domestic power plants, 60%+ to port exports, and the remainder to local consumption. There is no significant change expected in the fourth quarter or for the next year. [8] Pricing * **Price Trends**: The company's coal prices increased by 10 yuan per ton in the third quarter compared to the second quarter, driven by improved coal quality. However, the price increase is not expected to be sustained. [7] * **Sales Structure**: The company's sales structure remains stable, with around 80% of sales going to domestic power plants, 60%+ to port exports, and the remainder to local consumption. There is no significant change expected in the fourth quarter or for the next year. [8] Costs * **Cost Trends**: The company's comprehensive costs are expected to remain stable, with production costs slightly decreasing. The main reason for the decrease is a reduction in repair costs. [10] * **Cost Structure**: The company's production costs are around 160-170 yuan per ton, while the comprehensive costs are around 345 yuan per ton. [10] Financials * **Profitability**: The company's profitability is expected to remain stable, with a slight decrease in costs and expenses. The tax and surcharge rates are expected to increase, while other expenses are expected to decrease. [14] * **Research and Development**: The company has allocated around 70 million yuan to research and development in the third quarter, with an expected total of 200-300 million yuan for the year. [13] Future Plans * **Resource Acquisition**: The company is exploring opportunities for resource acquisition through participation in government auctions and potential asset injections. [17] * **Coal Bed Methane**: The company is facing challenges in developing coal bed methane resources due to shareholder communication and reporting issues. [15] * **Group Restructuring**: The company is actively participating in the group restructuring process and exploring opportunities for asset injection or resource acquisition. [21] Additional Information * The company has several mines in operation, including Madao, Beixingyao, and Dongzhouyao. [18] * The company has limited power assets, with most of the power generation assets transferred to the Zhangjiakou Power Group during the group restructuring. [20] * The company's dividend policy is guided by the group and the state-owned company, with a focus on maintaining a dividend payout ratio of at least 30%. [22]