According to the CICC research report, the cost of a ton of coal produced by China Shenhua in 2024 was 179 yuan/ton, which is the same as the previous year, and the cost was properly controlled; looking ahead to 2025, the company's annual report guides the year-on-year increase in the cost of self-produced coal tons within 6% in 2025. In the short term, the company continues to reduce costs and increase efficiency. At the same time, the company's special reserves were 23.319 billion yuan at the end of 2024, “the reservoir is abundant”; in the medium to long term, considering rising inflation and labor costs, the rise in tonnage costs in the coal industry is a major trend. From the perspective of China's Shenhua, the company's long-term cooperation ratio is high and the internal supply ratio is high. The company's 25Q1 long-term agreement compliance rate is close to 100%, which is expected to reduce profit fluctuations through a better sales structure. Maintain profit forecasts, “outperform the industry” ratings, and target prices unchanged.

According to the CICC research report, the cost of a ton of coal produced by China Shenhua in 2024 was 179 yuan/ton, which is the same as the previous year, and the cost was properly controlled; looking ahead to 2025, the company's annual report guides the year-on-year increase in the cost of self-produced coal tons within 6% in 2025. In the short term, the company continues to reduce costs and increase efficiency. At the same time, the company's special reserves were 23.319 billion yuan at the end of 2024, “the reservoir is abundant”; in the medium to long term, considering rising inflation and labor costs, the rise in tonnage costs in the coal industry is a major trend. From the perspective of China's Shenhua, the company's long-term cooperation ratio is high and the internal supply ratio is high. The company's 25Q1 long-term agreement compliance rate is close to 100%, which is expected to reduce profit fluctuations through a better sales structure. Maintain profit forecasts, “outperform the industry” ratings, and target prices unchanged.