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Guohai Securities report pointed out that China Shenhua (601088.SH) has stable operations and high dividends (backed by a state-owned enterprise background, integrated operation of coal production and transportation, low debt, high cash reserves, and high dividends). The company's three-year cumulative dividend payout ratio as of 2024 is as high as 224.71%, ranking second in the industry, with plans in the 2025-2027 period to distribute cash dividends that are not less than 65% of the net profit attributable to the parent company for that year, compared to the 2022-2024 plan that increases the lower limit of the dividend ratio by 5 percentage points and further strengthens the mid-term dividend bonus attribute. The company has integrated advantages in the "coal-electricity-ports-shipping" industry chain, with the lower limit of the dividend ratio for 2025-2027 further increasing. In 2025, it completed the acquisition of Hangjin Energy, adding coal and electricity assets, with a high proportion of long-term coal sales contracts to mitigate price fluctuations. The deep integration of coal, railway, and power-related businesses ensures steady performance. Overall, the company's investment value is highlighted, maintaining a "buy" rating.