2024 年第二次临时股东会 召开的日期时间：2024 年 12 月 30 日 10 点 00 分 召开地点：山西潞安环保能源开发股份有限公司会议室 证券代码：601699 证券简称：潞安环能 公告编号：2024-062 山西潞安环保能源开发股份有限公司 关于召开 2024 年第二次临时股东会的通知 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、 召开会议的基本情况 (一) 股东会类型和届次 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2024年12月30日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 30 日 至 2024 年 12 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召 ...

证券代码：601699 股票简称：潞安环能 公告编号：2023-061 山西潞安环保能源开发股份有限公司 关于预计 2025 年度日常关联交易的公告 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个别及连带责 任。 重要内容提示： ●本次日常关联交易事项尚需提交股东大会审议 ●本次关联交易是与公司日常经营相关的关联交易，属于正常经营行为，以市 场价格、国家收费标准或行业惯例为基础协商定价，公平合理，不会对公司本期及 未来的财务状况、经营成果产生大的影响，也不会影响上市公司的独立性。 一.日常关联交易基本情况 （一）日常关联交易履行的审议程序 因生产经营需要以及公司所处地理环境、历史渊源等客观因素，我公司拟与实 际控制人潞安化工集团有限公司及其子公司等关联企业在平等互利、协商一致的基 础上签订关联交易协议。 按照《上海证券交易所股票上市规则》及《上市公司自律监管指引第 5 号—— 交易与关联交易》的有关规定，公司与关联企业 2025 年度拟发生日常关联交易事项， 交易金额在 3000 万元以上且占公司最近一期经审计净资产绝对值 5％以上的 ...

山西潞安环保能源开发股份有限公司 独立董事 2024年第三次专门会议纪要 独董专字 2024 第 03 号 刘 洲 张志敏 山西潞安环保能源开发股份有限公司独立董事 2024年 第三次专门会议于 2024年12月12日以通讯方式召开。会 议应到独立董事三人,实到独立董事三人,符合《上市公司 独立董事管理办法》等法律法规、规范性文件和《公司章程》 的有关规定。全体独立董事共同推举刘渊先生召集并主持本 次会议。经会议审议并表决,一致通过以下事项: 一、审核事前认可事项 1、事前认可"预计公司二〇二五年度日常关联交易" 的关联交易事项 经审慎核查,公司 2025年度与关联方拟发生的日常关 联交易符合公司的经营发展需要,遵循平等、自愿、等价、 有偿的原则,定价合理、公允,不存在损害公司及股东利益, 特别是中小股东利益的情形,没有对上市公司独立性构成影 响,不会对关联方形成依赖。 表决结果:全体独立董事同意,无反对,无弃权。经表 决同意提交董事会审议。 (本页以下无正文,下转签署页) (本页无正文,为山西潞安环保能源开发股份有限公司 【独立董事 2024 年第三次专门会议】纪要之签署页) 全体独立董事: 362 362 ...

二○二四年第二次临时股东会会议资料 601699 潞安环能 山西潞安环保能源开发股份有限公司 二〇二四年十二月三十日 | | | 山西潞安环保能源开发股份有限公司 会议须知 为维护广大投资者的合法权益，确保股东会的正常秩序和议事 效率，根据《公司法》、公司《章程》和公司《股东大会议事规则》 的有关规定，特制定如下参会须知，望出席股东会的全体人员严格 遵守： 一、为能及时统计出席会议的股东（股东代理人）所代表的持 股总数，务请登记出席股东会的股东及股东代表于会议开始前半小 时到达会议地点，并携带身份证明、股东账户卡、授权委托书等原 件，以便签到入场；参会资格未得到确认的人员，不得进入会场。 二、为保证股东会的严肃性和正常秩序，切实维护与会股东（或 代理人）的合法权益，除出席会议的股东（或代理人）、公司董事、 监事、董事会秘书、高级管理人员、公司聘请的律师、会计师及董 事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 三、股东参加股东会，依法享有发言权、表决权等各项权利， 并履行法定义务和遵守有关规则。对于干扰股东会秩序和侵犯其他 股东合法权益的，公司将报告有关部门处理。 四、全部议案宣读完后，在对各项议案进 ...

证券代码：601699 股票简称：潞安环能 公告编号：2024-059 山西潞安环保能源开发股份有限公司 第八届董事会第六次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 山西潞安环保能源开发股份有限公司（以下简称"公司"）第八 届董事会第六次会议于 2024 年 12 月 12 日在公司会议室以现场结合 通讯方式召开。会议通知已于 2024 年 12 月 6 日以通讯方式向全体董 事发出。本次会议应出席董事 9 名，实际出席 9 名。 本次会议由公司董事长王志清先生主持，四名监事列席会议。本 次会议的召集、召开、表决程序和所形成的决议均符合《公司法》等 相关法律法规及《公司章程》的相关规定。 二、董事会会议审议情况 本次董事会审议并通过了以下议案： （一）《关于预计公司二〇二五年度日常关联交易的议案》 具体内容见公司 2024-061 号《关于预计公司 2025 年度日常关联 交易的公告》。 公司关联董事王志清先生、韩玉明先生、毛永红先生、徐海东先 生、史红邈先生和刘进平先生回避表 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company is positioned as a leading producer of injection coal in China, with a steady increase in production scale and a strong financial position due to reduced debt and increased cash flow [5][12]. - The company has significant potential for future capacity expansion as it can continue to acquire coal mining projects from its parent group [12]. - The coal market is expected to stabilize with a gradual increase in prices, supported by improving demand forecasts [11][12]. Summary by Sections Company Overview - The company is a major listed coal enterprise under Shanxi Luan Mining Group, focusing on the production of thermal and injection coal [5][25]. - As of the end of 2023, the company operates 23 mines with a total capacity of 48.2 million tons, ranking second in coal production and sales in Shanxi province [5][12]. - The company has seen a compound annual growth rate (CAGR) of 7.82% in raw coal production and 7.63% in sales from 2018 to 2023 [5]. Financial Health - The company has significantly increased its cash reserves and optimized its debt structure, reducing interest-bearing liabilities by nearly 15 billion yuan year-on-year [6][38]. - As of Q3 2024, the company's cash reserves are 14.75 times its interest-bearing debt, with a debt ratio of 47.15% and an interest-bearing debt ratio of 1.69% [6][38]. - The company has raised its cash dividend payout ratio to around 60% in response to higher coal prices and profits, with a projected dividend yield of approximately 4.6% as of November 12, 2024 [7][32]. Market Outlook - The report anticipates a stable recovery in coal prices, particularly for thermal coal, with expected average prices around 890 yuan per ton in Q4 2024 [11]. - Injection coal prices are expected to stabilize as demand from the construction sector improves, although significant price increases are not anticipated due to the lack of substantial demand recovery [11][12]. Profit Forecast and Investment Recommendations - The company is projected to generate revenues of 35.85 billion yuan in 2024, with net profits expected to decline by 55.1% to 3.55 billion yuan [8][12]. - The report suggests that the company's earnings will recover as coal prices stabilize, and it maintains a strong cash flow and low debt levels, supporting its high dividend payout [12].

证券代码：601699 股票简称：潞安环能 编号：2024-058 山西潞安环保能源开发股份有限公司 | 运营指标 | 单位 | 2024 年 | 10 月 | 2023 年 | 10 月 | 同比变化（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | 累计 | 本月 | 累计 | 本月 | 累计 | | 原煤产量 | 万吨 | 469 | 4716 | 493 | 4955 | -4.87 | -4.82 | | 商品煤销量 | 万吨 | 366 | 4173 | 436 | 4477 | -16.06 | -6.79 | 以上主要运营数据来自本公司初步统计，可能与公司定期报告披 露的数据有差异，仅供投资者及时了解公司生产经营状况，不对公司 未来经营状况作出预测或承诺，敬请广大投资者理性投资，注意投资 风险。 特此公告。 山西潞安环保能源开发股份有限公司董事会 2024 年 11 月 15 日 2024 年 10 月主要运营数据公告 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company's revenue and net profit for the first three quarters of 2024 showed significant declines, with a year-on-year decrease of 19.3% in revenue and 61.5% in net profit [5] - The company has successfully acquired coal exploration rights in Shanxi province, which is expected to enhance its resource reserves and support sustainable development [7] - The forecast for net profit from 2024 to 2026 indicates a gradual recovery, with expected figures of 36.7 billion, 49.6 billion, and 53.7 billion respectively [8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 26.65 billion and net profit of 2.8 billion, reflecting a year-on-year decline of 19.3% and 61.5% respectively [5] - The third quarter alone saw a net profit of 570 million, down 71% year-on-year and 39% quarter-on-quarter [5] Operational Data - The company's coal production and sales in the third quarter increased by 3% and 6% respectively, while the average selling price decreased by 14.3% year-on-year [6] - The total coal production for the first three quarters was 42.47 million tons, a decrease of 4.8% year-on-year, with a total sales volume of 38.07 million tons, down 5.8% [6] Cost and Profitability - The comprehensive unit cost for the first three quarters was 376 yuan per ton, up 9.6% year-on-year, while the gross profit margin decreased to 43.2%, down 11.3 percentage points [6] - The gross profit from coal operations for the first three quarters was 10.89 billion, a decline of 34.6% year-on-year [6] Future Outlook - The company is expected to face continued pressure on performance in 2024 due to reduced production and increased costs, but improvements are anticipated in 2025 and 2026 [8] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23, 1.66, and 1.80 yuan respectively [8]

Summary of Conference Call Company and Industry - The conference call involved **Lu'an Huanneng**, a company in the **coal industry**. Key Points and Arguments 1. **Production Recovery**: The company reported a recovery in production starting from Q2, reaching levels comparable to the previous year by Q3, with a forecast of maintaining production at 1.3 billion tons for the year [1][2][3] 2. **Sales and Pricing Trends**: There was a temporary increase in coal prices due to policy changes and supply reductions, but recent trends indicate a decline in prices, with adjustments of 20 to 50 yuan per ton noted [2][3] 3. **Sales Volume and Pricing**: The average selling price for various coal products decreased by approximately 50 yuan per ton in Q3 compared to Q2, with specific prices for different coal types provided [4][5] 4. **Cost Factors**: The increase in production costs was attributed to a rise in resource tax rates and uneven cost increases across different periods, with an estimated impact of around 12 yuan per ton on costs [6][7] 5. **Coke Production**: The company has reduced its coke production capacity due to policy impacts, with current production levels significantly lower than previous years [7][8] 6. **Future Resource Acquisition**: The company is actively seeking to acquire new resources, emphasizing the importance of resource availability for future operations, despite uncertainties in market conditions [11][12] 7. **Capital Expenditure Outlook**: Future capital expenditures are expected to be around 100 million yuan, contingent on the success of resource acquisition and ongoing operational needs [14][15] 8. **Dividend Policy**: The company maintains its commitment to shareholder returns, although future dividend levels may be influenced by operational and capital expenditure needs [15][16] 9. **Market Conditions**: The company anticipates stable market conditions for coal prices, influenced by supply-demand dynamics and potential impacts from international coal markets [16][17] 10. **Competitive Position**: The company believes it has a competitive edge due to the quality of its coal products, which are characterized by high calorific value and low emissions [17] Other Important but Possibly Overlooked Content - The company highlighted the importance of maintaining a balance between production and market demand, indicating that future production adjustments may be necessary based on market conditions [6][7] - There was a discussion on the average mining depth and resource recovery rates, indicating a long-term operational outlook with an estimated resource recovery period of around 35 years [9][10] - The management expressed caution regarding future operational adjustments, indicating that significant changes in production levels may not be expected in the near term [13][14] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's current status and future outlook in the coal industry.

Investment Rating - Buy (Maintained) [1][2] Core Views - The company's revenue and net profit have declined significantly in 2024, with revenue decreasing by 19.28% YoY to RMB 26.649 billion and net profit attributable to shareholders decreasing by 61.51% YoY to RMB 2.798 billion [2] - The company's Q3 2024 performance showed a continued decline, with revenue decreasing by 19.19% YoY and net profit attributable to shareholders decreasing by 71.03% YoY [2] - Despite the decline in performance, the company's Q3 coal production and sales showed some improvement, with coal production increasing by 2.56% QoQ and coal sales increasing by 6.12% QoQ [2] - The company's profitability is under pressure due to declining coal prices and rising costs, with the gross profit per ton of coal decreasing by 30.53% YoY in the first three quarters of 2024 [2] - The company is expected to see a recovery in performance from 2025, with revenue and net profit expected to grow by 3.7% and 12.7% YoY, respectively [4] Financial Performance and Valuation - The company's revenue is expected to be RMB 34.405 billion, RMB 35.686 billion, and RMB 36.694 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of -20%, 4%, and 3% [1] - The company's net profit attributable to shareholders is expected to be RMB 3.511 billion, RMB 3.959 billion, and RMB 4.320 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of -56%, 13%, and 9% [1] - The company's EPS is expected to be RMB 1.17, RMB 1.32, and RMB 1.44 in 2024, 2025, and 2026, respectively [1] - The company's P/E ratio is expected to be 13.1X, 11.6X, and 10.6X in 2024, 2025, and 2026, respectively [1] - The company's ROE is expected to be 7%, 7%, and 8% in 2024, 2025, and 2026, respectively [1] Production and Sales - The company's coal production in the first three quarters of 2024 was 42.47 million tons, a decrease of 4.82% YoY, with mixed coal production of 21.21 million tons (down 4.29% YoY) and PCI coal production of 14.99 million tons (down 6.49% YoY) [2] - The company's coal sales in the first three quarters of 2024 were 38.07 million tons, a decrease of 5.79% YoY, with mixed coal sales of 21.24 million tons (down 3.59% YoY) and PCI coal sales of 14.88 million tons (down 3.94% YoY) [2] - In Q3 2024, the company's coal production was 14.80 million tons (down 1.86% YoY, up 2.56% QoQ), with mixed coal production of 7.44 million tons (up 8.61% YoY, up 1.64% QoQ) and PCI coal production of 5.29 million tons (down 8.95% YoY, up 9.07% QoQ) [2] - In Q3 2024, the company's coal sales were 13.52 million tons (up 1.81% YoY, up 6.12% QoQ), with mixed coal sales of 7.39 million tons (up 10.79% YoY, up 1.23% QoQ) and PCI coal sales of 5.52 million tons (down 2.65% YoY, up 15.72% QoQ) [2] Industry Outlook - The company is expected to benefit from the trend of large-scale blast furnaces in downstream steel mills, which will drive demand for PCI coal [2] - The company, as a leading PCI coal producer in China, is expected to see further growth in production in Q4 2024, driven by Shanxi's coal production target [2] Financial Ratios - The company's gross margin was 47.7% in 2023, but is expected to decline to 36.6% in 2024, before recovering to 37.8% and 38.7% in 2025 and 2026, respectively [4] - The company's net margin was 21.5% in 2023, but is expected to decline to 11.9% in 2024, before recovering to 13.0% and 13.8% in 2025 and 2026, respectively [4] - The company's ROE was 16.0% in 2023, but is expected to decline to 6.8% in 2024, before recovering to 7.3% and 7.6% in 2025 and 2026, respectively [4] - The company's debt-to-equity ratio was 18.3% in 2023, and is expected to remain stable at around 18.5% in 2024, before declining to 17.6% and 16.7% in 2025 and 2026, respectively [4]