要点 事件： 2025 年 4 月 25 日，公司发布了 2025 年第一季度报告。2025Q1，公 司单季度实现营业收入 383.9 亿元（同比-15.4%，环比-21.6%）；归母净利 润 39.8 亿元（同比-20.0%，环比-15.5%）；扣非归母净利润 39.4 亿元（同 比-19.4%，环比-15.7%）。 煤炭产销量同比微增，煤价下跌拖累 Q1 业绩。（1）2025Q1，公司商品煤产 量 3335 万吨，同比+1.9%，自产煤销量 3268 万吨，同比+1.1%；（2）2025Q1， 秦皇岛港口 5500 大卡煤炭均价 721 元/吨，同比-20.0%，公司自产商品煤售 价 492 元/吨，同比-17.7%，毛利 222 元/吨，同比-27.6%，单位销售成本 270 元/吨，同比-7.3%；（3）在煤价下跌的背景下，公司 2025Q1 煤炭业务营业 收入 312.5 亿元，同比-16.6%，毛利润 74.5 亿元，同比-26.4%。 煤化工产品单位成本下降，聚烯烃、甲醇单吨盈利同比上升。（1）2025Q1， 公司非煤业务收入 71.42 亿元，同比-9.7%，毛利润 20.1 亿元，同比-6. ...

经营相对稳健，可以期待中期分红。2024 年终每股派发现金红利0.258 元（含税），公司前期曾发布中 期分红每股0.221 元，合计0.48 元，合计分红比例超过30%，对应4 月28 股价股息率为4.7%，且有望在 2025 年继续实行中期分红。 盈利预测及估值：预计公司2025-2027 年实现营业收入为1621/1565/1560亿元，同 比-14.4%/-3.46%/-0.32%，实现归母净利润150/147/146 亿元，同比-22.16%/-2.35%/-0.85%，维持公司"强 烈推荐"评级。 风险提示：下游需求不确定性风险、煤价及电价下跌风险、规划项目进度不达预期风险、资产注入进度 不及预期风险。 煤炭利润受市场煤价拖累，自产煤降本效果明显。1）产销方面，2025Q1 公司实现商品煤售量6414 万 吨，同比+0.4%，其中自产商品煤销量3268 万吨，同比增长1.1%，公司产销量较为稳定。2）售价方 面，受到市场煤价下滑影响，公司煤炭售价也有所下滑，但高长协的动力煤价格较相对坚挺。公司煤炭 售价487 元/吨，同比-17.0%；自产煤均价492 元/吨，同比-17.7%，其中动力煤售价45 ...

公司公布 25 年一季报业绩，营业收入 383.92 亿元，同比-15.43%；归母净 利润 39.78 亿元，同比-19.95%，盈利承压主要受煤价下行影响，作为参考， 1Q25 秦皇岛 5500 动力煤现货季度平均价格同比-19.8%至 728 元/吨。虽然 公司一季度业绩出现同比下滑，但是我们也看到三重亮点，一是在当前煤炭 行业成本较为刚性下，公司一季度仍实现可观降本，二是公司产销规模进一 步扩大、订单结构改善，盈利质量提升；三是 2025 年公司将继续实施中期 现金分红坚持回馈股东。我们看好公司盈利稳健，具备现金流韧性支撑分红， 红利价值凸显。维持"买入"。 煤价中枢下移导致盈利承压，增量对冲价跌 1Q25 公司煤炭业务销售收入 312.50 亿元，同比-16.6%，实现商品煤产量 3,335 万吨，同比+1.9%，销量 6,414 万吨，同比+0.4%。拆分来看，自产 煤售价同比-106 元/吨（-11.7%）至 492 元/吨，对应减少收入 34.57 亿元， 而销量同比+37 万吨（+1.1%）至 3,268 万吨（扣除公司分部间交易，下同） 对应增加收入 2.21 亿元；贸易煤价格同比-125 ...

Summary of China Coal Energy Q1 2025 Earnings Call Company Overview - **Company**: China Coal Energy - **Date**: Q1 2025 Earnings Call Key Financial Metrics - **Revenue**: 38.4 billion RMB, down 15.4% YoY [2][5] - **Total Profit**: 6.2 billion RMB, down 28.4% YoY [2][5] - **Net Profit**: 4 billion RMB, down 20% YoY [2][5] - **Coal Sales Volume**: 64.14 million tons, up 0.4% YoY [2][3] - **Average Selling Price of Self-produced Coal**: 492 RMB/ton, down 17.7% YoY [2][3] - **Average Selling Price of Trade Coal**: 486 RMB/ton, down 20.5% YoY [2][3] - **Unit Sales Cost of Self-produced Coal**: 269.82 RMB/ton, down 7.3% YoY [2][4] Operational Highlights - **Production and Sales**: - Self-produced coal sales increased by 1.1% to 32.68 million tons [3] - Trade coal sales increased by 4.9% to 31.20 million tons [3] - Significant decline in import and domestic agency coal sales, down 85.8% [3] - **Cash Flow**: Operating cash flow significantly decreased due to reduced net profit and delayed payments [2][7] Cost Management - **Cost Control Measures**: - Focus on stabilizing production and enhancing efficiency through smart construction and optimized production management [2][9] - Reduction in unit sales cost attributed to decreased stripping and mining activities [4][15] - **Future Cost Outlook**: Company aims to control costs amid rising pressures but cannot guarantee specific reductions due to rigid cost structures [9][15] Chemical Products Performance - **Polyolefins**: Production up 0.4%, unit cost down [2][7] - **Urea**: Production up 11.2%, average price down [2][7] - **Methanol**: Production up 24.8%, average price up [2][7] - **Ammonium Nitrate**: Production up 6.9%, average price down [2][7] Market and Strategic Initiatives - **Market Conditions**: Facing severe market pressures but optimistic about macroeconomic recovery [6][26] - **Long-term Contracts**: Compliance with national requirements, with a focus on optimizing contract volumes [11][13][14] - **Potential Acquisitions**: Evaluating acquisition of quality coal assets from the controlling shareholder [11][12] Shareholder Returns - **Dividend Policy**: Committed to a 35% dividend payout ratio for 2024 and ongoing mid-term dividends [22] Industry Outlook - **Coal Market Dynamics**: Anticipated stable demand for coal as a fundamental energy source in China, with production and consumption levels remaining high [26][35] - **Future Growth Drivers**: Investments in new coal mining projects and chemical production capacity expansion [27][28] Additional Insights - **Safety and Compliance**: Addressing regulatory issues related to overproduction at specific mines [23] - **Inventory Management**: Focus on balancing production and sales to manage inventory levels effectively [33][34] This summary encapsulates the key points from the earnings call, highlighting the financial performance, operational strategies, market conditions, and future outlook for China Coal Energy.

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Views - The company is focusing on cost reduction and increasing production to offset the decline in coal prices, while also enhancing shareholder returns through increased dividend frequency [1][4][18] - The company plans to maintain a mid-term dividend in 2025, with a payout ratio of no less than 30% [3][18] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.39 billion yuan, a decrease of 15.4%, and a net profit attributable to shareholders of 3.98 billion yuan, down 20.0% [1][9] - The coal business showed stable production and sales, with a total coal production of 33.35 million tons, an increase of 1.9% year-on-year [2][11] - The average selling price for self-produced thermal coal and coking coal was 454 yuan/ton and 922 yuan/ton, respectively, both showing a decline compared to the previous year [2][11] Coal Business - The company reported a decrease in gross profit for the coal segment to 7.45 billion yuan, down 26.7 billion yuan year-on-year, primarily due to the decline in coal prices [2][11] - The unit sales cost for self-produced coal decreased to 269.8 yuan/ton, a reduction of 21.2 yuan/ton year-on-year, attributed to various cost management strategies [2][11] Coal Chemical Business - The coal chemical segment saw an increase in production and sales, with total production and sales of 1.559 million tons and 1.625 million tons, respectively, up 10.6% and 12.1% year-on-year [3][16] - The unit sales costs for major products decreased due to falling coal prices, with reductions of 2.1% to 18.8% across various products [3][16] Profit Forecast and Financial Indicators - The profit forecast for 2025-2027 has been adjusted to 16.8 billion yuan, 16.9 billion yuan, and 17.7 billion yuan, respectively, reflecting a downward revision due to anticipated coal price declines [4][20] - Key financial metrics include a projected net profit margin of 15.2% for 2025 and a return on equity (ROE) of 10.3% [5][21]

Investment Rating - The investment rating for China Coal Energy is "Recommended" [1] Core Views - The report indicates that the market coal prices are at a bottoming phase, with stable production and sales growth for the company [1][8] - The company has a robust long-term contract sales model, which provides resilience against market fluctuations [9] - The report forecasts a gradual recovery in coal prices as summer demand increases and supply pressures ease [9] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.392 billion yuan, a year-on-year decrease of 15.43% [4] - The net profit attributable to shareholders was 3.978 billion yuan, down 19.95% year-on-year [4] - The company's coal sales volume in Q1 2025 was 64.14 million tons, a slight increase of 270,000 tons year-on-year [8] Revenue Breakdown - The total revenue from coal business in Q1 2025 was 31.250 billion yuan, a decrease of 16.6% year-on-year [8] - The average selling price of self-produced coal was 492 yuan/ton, down 17.7% year-on-year [8] - The company’s coal chemical products revenue was approximately 3.725 billion yuan, a decline of 8.76% year-on-year [9] Future Projections - The forecasted net profits for 2025, 2026, and 2027 are 18.514 billion yuan, 19.616 billion yuan, and 20.224 billion yuan respectively [9] - The report anticipates a gradual increase in revenue from 184.696 billion yuan in 2025 to 194.618 billion yuan in 2027 [11] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 7.5, 7.1, and 6.8 respectively [11] - The report highlights the company's strong dividend payout potential due to its resilient earnings [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has declined due to falling self-produced coal prices, but it shows potential for high dividends and growth [1][4] - The company reported Q1 2025 revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% and a quarter-on-quarter decrease of 21.6% [1][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 17.05 billion, 18.47 billion, and 19.07 billion yuan, respectively, with a year-on-year change of -11.8%, +8.3%, and +3.3% [1][4] Financial Performance - In Q1 2025, the company achieved a net profit of 3.98 billion yuan, down 20% year-on-year and 15.5% quarter-on-quarter [1][4] - The average selling price of self-produced coal in Q1 2025 was 491.7 yuan per ton, a decrease of 17.7% year-on-year [4] - The comprehensive cost of coal in Q1 2025 was 371 yuan per ton, down 13.4% year-on-year [4] Business Growth Potential - The company has ongoing construction of two coal mines, with expected production capacities of 4 million tons/year and 2.4 million tons/year, respectively [5] - The company plans to enhance its dividend payout, with a total cash dividend of 6.35 billion yuan in 2024, resulting in a dividend ratio of 32.87% [5] - The current dividend yield is 4.6%, indicating strong potential for continued high dividends [5] Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 1.29, 1.39, and 1.44 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.1, 7.5, and 7.3 times [1][7] - The company's total market capitalization is 1384.20 billion yuan, with a circulating market capitalization of 955.47 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that in Q1 2025, the company experienced a year-on-year decline in revenue and net profit, with revenue at 38.4 billion yuan (down 15.4%) and net profit at 4 billion yuan (down 20%) [4][5] - The coal production and sales showed slight growth, with production at 33.35 million tons (up 1.9%) and sales at 64.14 million tons (up 0.4%) [5] - The report emphasizes the improvement in coal chemical business margins, with overall coal chemical gross profit increasing by 8% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a return on equity (ROE) of 2.58%, a decrease of 0.8 percentage points year-on-year [4] - The average selling price of self-produced coal decreased by 18% to 492 yuan per ton, with specific prices for thermal coal and coking coal at 454 yuan (down 11.7%) and 922 yuan (down 39.1%) respectively [5] - The gross profit margin for self-produced coal was 45.2%, down 6 percentage points year-on-year [5] Coal Business - The company produced 33.35 million tons of commodity coal in Q1 2025, with sales of 64.14 million tons [5] - The sales volume of thermal coal and coking coal was 30.02 million tons (up 1.4%) and 2.66 million tons (down 1.5%) respectively [5] Coal Chemical Business - The report indicates significant improvements in unit profitability for polyethylene, polypropylene, and methanol, with gross profits per ton increasing by 85 yuan, 235 yuan, and 446 yuan respectively [5] - The sales volume for polyethylene and polypropylene was 178,000 tons (down 6.8%) and 177,000 tons (down 2.7%) respectively [5] - The overall gross profit for the coal chemical business was 862.6 million yuan, reflecting an 8% year-on-year increase [5] Future Outlook - The company is expected to see revenue of 168.88 billion yuan in 2025, a decrease of 11%, followed by a 5% growth in the subsequent years [7][9] - The projected net profit for 2025 is 16.21 billion yuan, down 16% from the previous year, with an expected recovery in the following years [7][9] - The report maintains a positive outlook on the company's ability to generate stable earnings due to its high long-term contract ratio and ongoing projects in coal mining and chemical sectors [8][9]

证券代码：601898 证券简称：中煤能源 公告编号：2025-016 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： 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙） 一、 拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 安永华明会计师事务所（特殊普通合伙）（简称"安永华明"）于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所转 制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为北京市东城区 东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 2024 年末拥有合伙人 251 人，首席合伙人为毛鞍宁先生。安永华明一直以来注重人才培养，截至 2024 年 末拥有执业注册会计师近 1,700 人，其中拥有证券相关业务服务经验的执业注册 会计师超过 1,500 人，注册会计师中签署过证券服务业务审计报告的注册会计师 近 500 人。 安永华明 2023 年度业务总收入人民币 59.55 亿元，其中，审计业务收入人 民币 ...

关于 2025 年度"提质增效重回报"行动方案的公告 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。 证券代码：601898 证券简称：中煤能源 公告编号：2025-015 中国中煤能源股份有限公司 万吨、同比基本持平，煤矿装备产值 103.5 亿元、同口径同比增加 6.4 亿元；实 现营业收入 1,894 亿元，归属于上市公司股东净利润 193 亿元，净资产收益率 13.01%，经营活动现金净流入 341 亿元，同比虽略有下降，但优于行业平均水平； 资产负债率下降 1.4 个百分点至 46.3%，财务结构总体保持稳健。不断增强股东 回报力度，实施 2023 年度分红、特别分红和 2024 年中期分红共计 103 亿元，投 资者获得感和满意度持续提升。 公司治理结构健全并获得资本市场及监管机构的充分认可，连续 15 年获上 交所信息披露 A 级评价，连续多年获评中国上市公司协会最佳董事会实践奖、董 办最佳实践案例奖，凭借优异的 ESG 表现连续 4 年入选"央企 ESG·先锋 100 指数" 榜单，所属中煤财务有限责任公司被人 ...