Investment Rating - The report maintains a positive outlook on the coal industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [22]. Core Insights - The coal industry is anticipated to see a recovery in prices and profits in the second half of 2025, driven by seasonal demand and improved market conditions [1]. - Domestic raw coal production is projected to grow slightly by 1.2% year-on-year in 2025, while coal imports are expected to decline by 9.6% [2][11]. - The fourth quarter of 2025 is expected to witness a significant rebound in both thermal coal and coking coal prices, with thermal coal prices rising approximately 13.9% quarter-on-quarter [2][15]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production for 2025 is estimated at 4.832 billion tons, reflecting a year-on-year increase of 1.2%. Monthly production figures for October, November, and December are projected at 407 million, 427 million, and 437 million tons, respectively, with slight declines in growth rates [5]. - Coal imports for 2025 are expected to total 490 million tons, a decrease of 9.6% compared to the previous year, with notable monthly fluctuations in the last quarter [11]. Price Trends - In Q4 2025, the average spot price for thermal coal at Qinhuangdao port is projected to be around 767 RMB/ton, down 6.99% year-on-year but up 13.9% from Q3 2025 [14][15]. - Coking coal prices are also expected to rise, with the average price for Shanxi's main coking coal reaching 1,727 RMB/ton, marking a 0.8% increase year-on-year and a 10.44% increase from Q3 2025 [15]. Company Performance Forecasts - Key companies in the coal sector are expected to report varying performance in Q4 2025. China Shenhua is projected to achieve a net profit of 14.129 billion RMB, a year-on-year increase of 12.16% [16]. - Other companies such as TBEA and Erdos are also expected to show significant profit growth, while companies like Shaanxi Coal and Energy may see declines due to price pressures [16]. Valuation Metrics - The report includes a valuation table for key coal companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond, providing insights into their market positioning [17].

Group 1 - The core viewpoint of the article is that Lu'an Environmental Energy (601699) has announced an expected decline in net profit for the year 2025, projecting a range of 1.08 billion to 1.32 billion yuan, which represents a year-on-year decrease of 46.12% to 55.92% [1]

（编辑 王雪儿） 证券日报网讯 1月23日，潞安环能发布公告称，公司从高新技术企业认定管理机构获悉，根据《高新技 术企业认定管理办法》和《高新技术企业认定管理工作指引》有关规定，以及2025年山西省高新技术企 业认定流程，目前对公司高新技术企业申报材料的复核已完成，并已上报国家工信部。 ...

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。 近日，公司从高新技术企业认定管理机构获悉，根据《高新技术 企业认定管理办法》和《高新技术企业认定管理工作指引》有关规定， 以及 2025 年山西省高新技术企业认定流程，目前对我公司高新技术 企业申报材料的复核已完成，并已上报国家工信部。后续公司将根据 认定结果及时对外公告，敬请广大投资者注意投资风险。 特此公告。 山西潞安环保能源开发股份有限公司董事会 2026 年 1 月 24 日 证券代码：601699 证券简称：潞安环能 编号：2026-004 山西潞安环保能源开发股份有限公司 关于高新技术企业认定进展的公告 ...

2025年，公司归属于母公司所有者的净利润同比出现较大幅度下滑，主要原因：（一）受煤炭市场整体 价格下行周期影响，国内商品煤市场供需宽松格局加剧，公司2025年商品煤综合售价同比显著下降。 （二）公司部分主力生产矿井受地质构造复杂、煤层赋存条件变化、采掘衔接等因素制约，同时叠加安 全环保管控趋严等外部要求，煤炭产销量同比减少。 格隆汇1月23日丨潞安环能(601699.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为10.80亿元至13.20亿元，与上年同期相比将减少11.30亿元至13.70亿元，同比下降 46.12%至55.92%。预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润为8.39亿元至 10.79亿元，与上年同期相比将减少13.05亿元至15.45亿元，同比下降54.74%至64.81%。 ...

潞安环能1月23日公告，经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润为10.80 亿元至13.20亿元，与上年同期相比将减少11.30亿元至13.70亿元，同比下降46.12%至55.92%。 ...

2025年，公司归属于母公司所有者的净利润同比出现较大幅度下滑，主要原因：（一）受煤炭市场整体 价格下行周期影响，国内商品煤市场供需宽松格局加剧，公司2025年商品煤综合售价同比显著下降。 （二）公司部分主力生产矿井受地质构造复杂、煤层赋存条件变化、采掘衔接等因素制约，同时叠加安 全环保管控趋严等外部要求，煤炭产销量同比减少。 格隆汇1月23日丨潞安环能(601699.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为10.80亿元至13.20亿元，与上年同期相比将减少11.30亿元至13.70亿元，同比下降 46.12%至55.92%。预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润为8.39亿元至 10.79亿元，与上年同期相比将减少13.05亿元至15.45亿元，同比下降54.74%至64.81%。 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2025 to be between CNY 1.08 billion and CNY 1.32 billion, a decrease of CNY 1.13 billion to CNY 1.37 billion compared to the previous year, representing a decline of 46.12% to 55.92%[5]. - The expected net profit after deducting non-recurring gains and losses for 2025 is projected to be between CNY 839 million and CNY 1.08 billion, a decrease of CNY 1.30 billion to CNY 1.54 billion year-on-year, indicating a decline of 54.74% to 64.81%[6]. - In the previous year, the total profit was CNY 4.107 billion, with a net profit attributable to shareholders of CNY 2.450 billion and a net profit after deducting non-recurring gains and losses of CNY 2.384 billion[8]. Factors Affecting Performance - The decline in performance is primarily due to the overall downward trend in coal market prices, leading to a significant decrease in the average selling price of coal products[10]. - The company faced production challenges due to complex geological conditions and stricter safety and environmental regulations, resulting in a year-on-year decrease in coal production and sales[10]. Earnings Forecast and Audit Status - The earnings forecast is based on preliminary calculations by the finance department and has not yet been audited by external auditors[7]. - The company has communicated with the auditing firm regarding the earnings forecast and has not identified any major uncertainties affecting the accuracy of the forecast[11]. - The data provided is preliminary and the final financial figures will be disclosed in the audited 2025 annual report[12].

潞安环能公告，预计2025年度实现归属于母公司所有者的净利润为10.8亿元至13.2亿元，与上年同期相 比将减少11.3亿元至13.7亿元，同比下降46.12%至55.92%。预计2025年度实现归属于母公司所有者的扣 除非经常性损益后的净利润为8.39亿元至10.79亿元，与上年同期相比将减少13.05亿元至15.45亿元，同 比下降54.74%至64.81%。 ...

Core Viewpoint - Lu'an Environmental Energy has shown a significant increase in stock price and trading volume, indicating positive market sentiment despite a decline in revenue and net profit for the year 2025 [1][2]. Group 1: Stock Performance - As of January 22, Lu'an Environmental Energy's stock price increased by 2.10% to 13.13 CNY per share, with a trading volume of 310 million CNY and a turnover rate of 0.80%, resulting in a total market capitalization of 39.277 billion CNY [1]. - The stock has risen by 11.27% year-to-date, with a 4.70% increase over the last five trading days and an 8.51% increase over the last 20 days, although it has decreased by 11.22% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Lu'an Environmental Energy reported a revenue of 21.1 billion CNY, representing a year-on-year decrease of 20.82%, and a net profit attributable to shareholders of 1.554 billion CNY, down 44.45% year-on-year [2]. Group 3: Shareholder Information - As of January 10, the number of shareholders for Lu'an Environmental Energy reached 83,000, an increase of 2.47%, while the average number of circulating shares per person decreased by 2.41% to 36,041 shares [2]. - The company has distributed a total of 25.851 billion CNY in dividends since its A-share listing, with 14.505 billion CNY distributed over the last three years [3]. - Notable institutional shareholders include Guotai Junan CSI Coal ETF, which is the third-largest shareholder with 47.291 million shares, and Hong Kong Central Clearing Limited, which is the fourth-largest shareholder with 39.944 million shares, having decreased its holdings by 4.797 million shares [3].