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[Audio Gap] the briefing on the company's performance for the first quarter of 2024. I sincerely thank you for your long-term concern, support and care of China Coal Energy. And the President of today's meeting are Mr. [ Rongzhe Zhao ], the Executive Director and President of the company; Mr. [ Chengjie Zhang ], an Independent Non-Executive Director; and Mr. Chai Qiaolin, the Chief Financial Officer; as well as the [ responsible ] persons and of the company's security's affairs department, planning department, finance department and coal department, coal chemical department and electric power and energy division and the [ remarketing ] office. Now I would like to introduce you with the company's performance of Q1 2024. Unless otherwise specified, the following data are calculated according to China accounting standards for business enterprises.
Overview of first quarter performance. In the first quarter, based with the market situation of the weak supply and demand of the coal and coal chemical products and the downward price fluctuation, the company scientifically organized production and the sales strength and the safety management to improve the quality and efficiency in depth and achieve the smooth start in production operation.
The main production and operation data, the coal production and sales volume due to factors such as increase in the time for enterprise to stop production and overhaul during the Chinese New Year compared to last year, geological reasons and a gradual tightening of the low government supervision; the company's commercial coal output was 32.73 million tonnes, down 570,000 tonnes year-on-year, down 1.7%. The sales volume of commercial coal was 63.87 million tonnes, a year-on-year decrease of 10.9 million tonnes or 14.6%. Among them, the sales volume self-produced coal was 32.31 million tonnes, down 0.8% year-on-year. The sales volume for buyout trade coal was 29.73 million tonnes, down 24.4% year-on-year. The sales volume of [ agent ] coal was [ 1.83 ] million tonnes, down 36.7% year-on-year. The selling price of the coal products. The average selling price of self-produced commercial coal used CNY 598 per tonne, a year-on-year decrease of CNY 73 or down by 10.9%. The average selling price of buyout trade coal was CNY 611 per tonne, a year-on-year decrease of CNY 124 per tonne, down 16.9%.
The cost of the coal products in the first quarter, the company scientifically organized the production strength and production continuity intensified in the form of income distribution and continuously improve the salary level of the first-line production team. And the unit sales cost of the company self-produced commercial coal was CNY [ 290.9 ] per tonne, an increase of CNY 18.42 per tonne, increase of 6.8% compared with the unit sales cost of self-produced commercial coal in 2023. It is CNY 307 per tonne, a decrease of CNY 16.03 per tonne. The main reasons are as follows: first, the company strength and production continuity under the self-operated description amount of open pit mines and self-operated deriving a footage of the wells and the mine increased year-on-year, which increased the material cost and labor cost per tonne of coal. Secondly, the year-on-year decrease in the expense use of company special funds and the decrease in the production-related [ sporadic ] mining expenditures and have increased other costs such as the balance cost of special fund per tonne of coal. Production and sales volume for major coal chemical products: polyolefin production was 392,000 tonnes, up 3.7% year-on-year. Sales volume was 373,000 tonnes, up 2.1% year-on-year. Urea output was 475,000 tonnes, down 8.8% year-on-year. The sales volume was 551,000 tonnes, down 14.6% year-on-year. Methanol output was 412,000 tonnes, down 17.4% year-on-year. The sales volume was 396,000 tonnes, down 21.9% year-on-year.
The output of ammonium nitrate was 130,000 tonnes. And the price of the main coal chemical products, the sales price of polyolefin is CNY 6,848 per tonne, down CNY 208 per tonne, down 2.9%. The sales price of urea was CNY 2,233 per tonne, a year-on-year decrease of CNY 481 per tonne, down 17.7%. The sales price of methanol was CNY 1,675 tonne, a year-on-year decrease of CNY 157 per tonne, down 8.6%. And I'm going to share with you about the cost of the main chemical products. The unit sales cost of self-produced coal chemical products decreased year-on-year due to the decrease in the purchase price of the raw coal, fuel coal and raw methanol. And the unit sales cost of polyolefin products was CNY 5,899 per tonne, a year-on-year decrease of CNY 363 per tonne, down 5.8%. Unit sale price of urea was CNY 1,561 per tonne, a year-on-year decrease of CNY 276 per tonne, a decrease of 15%. Unit sales cost of methanol was CNY 1,741 per tonne, a year-on-year decrease of CNY 389 per tonne, down 18.3%. Unit sales price of ammonium nitrate is CNY 1,515 per tonne, up CNY 261 per tonne year-on-year, up 20.8%.
In equipment business, the output value of coal mine equipment was CNY 2.9 billion, down 44.9% year-on-year. The financial business, financial company [indiscernible] window, scientifically managed [ deemed ] funds created efficacy and increased profit by CNY 278 million, an increase of 77 million tonnes over the same period of last year.
And the main financial indicators. In the first quarter, the company achieved an operating income of CNY 45.4 billion, down 23.3% year-on-year, an increase of CNY 8.64 billion from linked quarter. The fourth quarter of 2023. The total profit was CNY 8.7 billion, up CNY 3.55 billion from the fourth quarter of 2023. And the net profit attributable to shareholders of listed companies was CNY 5 billion. The basic earnings per share was CNY 0.37, a year-on-year decrease of 31.5%. The main profit increase and decrease factors: the profit increase factors are firstly, the tax and the surcharge decreased by CNY 191 million, mainly affected by the decrease in sales volume self-produced coal and decreasing the first sales price. And the major coal chemical enterprises increased their profits by CNY 139 million, mainly affected by the decline in purchasing prices for raw coal, fuel coal and the raw methanol, the financial expenses decreased by CNY 90 million, mainly affected by the company's continuous optimization of the debt structure. And number four, the financial business increased its profit by CNY 77 million, mainly in the first quarter, financial companies [indiscernible] window, scientifically managed the linked funds, created asset efficiency and increased profits.
And the profit reduction factors: the price of self-produced commercial coal decreased by CNY 2.369 billion, mainly affected by changes in the coal price. Investment income decreased by CNY 140 million on coal and coal chemical enterprise, mainly participating in the stock market has suffered a significant decline of profit due to falling prices, the unit sales cost of self-produced commercial coal increased and profit decreased by CNY 535 million. The main reason is that the company scientifically organized production. And number 4, the profit of power generation and the heating business decreased by CNY 171 million. It is mainly mediation and the maintenance of the power plant units and maintenance DC lines and affected power generation. And second, I'm going to share with you, our second quarter of the key work arrangement. The company should strengthen the confidence, work hard, continue to maintain a stable situation of safe production, focus on improving production and marketing capabilities and effectively strengthen cost control to ensure the main business indicators in the first half of the year are successfully achieved, being a solid foundation for completing the annual business objectives. So that's why, and we needed to firmly adhere the safety bottom line to ensure the sustained and stable production. We have effort to stabilize the production include sales increase efficiency to ensure the completion of budget targets. Number three, we're going to continue to reduce the cost and the type of potential.
And then I also hope that we could work really hard and with all those continuous development to give the feedback to all the different shareholders. That's all from me. So now we will come to the Q&A session. I sincerely welcome you to propose more questions. Thank you.
Thank you all the distinguished leaders. Now we're going to invite all the coal participated analysts to do the first round of the questions. So can you hear me, all the leaders?
I am from Minsheng Securities, [indiscernible]. And I would really like to thank all the management team and all the leaders, thank you so much for this hard work. So far, the overall business is very, very satisfying. And I also would like to ask several questions.
The first one is about our productivity. I have already seen that for Q1, the entire productivity is the same like -- the same period last year. But for the single month of March, it is declining for Jiangsu Province because of this stringent requirement about the regulation. So the overall reduction of the productivity in Jiangsu has been noticed.
I want to say that has it been impacted negatively by this safety supervision and regulation. And it's already been like 1 month after that. What is the current status quo of the productivity? So the second thing is for the Shalajida, and from this 17 million to 20 million. So how is the whole process being proceeded? And for all those that collaborated, the situation hasn't been changed. What is the annual productivity? What is the overall look for that?
And for the productivity, I will invite Mr. [ Li Gao ] from the coal department to answer your question.
Q1, we have got into this influence of this coal strategy and the coal regulation for this resumption of the work has already led to the overall negative influence. But for this March -- for this safety supervision, and we have already got this certain influence. And for this safety risk is quite high. So from a supervision perspective, regulatory perspective, and I think that we are doing quite a lot of work to try to compensate that -- this is about the overall productivity.
And then for Shalajida from the 17 million to 20 million is basically being finished. And now it's about this 20 million. We also have already got this overall development. And we also have like [indiscernible] and all the 2 different mines have already got about 5 million tonnes. And now we are actively dealing with all the procedures and -- we are actively trying to deal with that. So that's all. So please carry on the questions.
Okay. Thank you, leaders. I also would like to propose the second question.
It's about Yulin for this deep processing base. So what is the construction schedule and the schedule for production?
So for your question, you want to ask about this Yulin coal chemical Phase II construction, right? So we will have this coal chemical department, Mr. Zhao to answer that. So for Yulin for Phase II.
And for the project, the overall construction period is about 30 months for the overall investment is about CNY 23.8 billion. So the current project has already finished the entire decision for investment. For the basically design and for the preparation work are still being done, so it includes like a basic design. And for [ WP ] for the key devices have also been finished. And for all those high-end work has already been done. So that's all. Thank you.
Okay. So for the rest of the participants from different security companies, do you have any questions?
I'm [ Li Ka-Shing from Southwest Securities ]. I have a little question here. Can you hear me?
Yes, I can. Please carry on.
And I have a question. We can see for Q1 for this commercial coal, the cost is having a significant increase of about CNY 18.42. So the major reason, except for this reduction of the sales is also because of this like self-construction of all those development and all the different subsidy for this team work.
So I have a question that for the entire -- the increase of the amount, is this actually because of the reason of this mine? Or for the yearly prospects? What kind of guidance for that is about the cost?
So I will invite another member of the leader to answer you that.
So for Q1 last year, we are having this overall low cost for the last year for all the different aspects of the work. And for this year, it is having this negative influence of this overall high cost, and we are also doing the overall work. So we also have already got like less production. So for the overall cost this year for Q1, we are also doing every aspect, every effort to control the cost. Okay. Thank you. That's all for my answer.
Okay. Thank you. And I think we also have some other different participants online. Do you have any more questions?
I'm from [ Koshu Securities, Jaimin ]. I would like to use this opportunity to ask a question about the future capital expenditure, the CapEx plan because we all know that for our group because we have already got this coal chemical and the coal energy integrated operation. So maybe for us, it's more shouldering the arrangement about this coal chemical, especially the arrangement of taking an example of Yulin Phase II. So maybe for coal chemical, how big is the CapEx? And how do we balance the CapEx in chemical industry and about the payback of all the shareholders and about the dividends?
So here, I would like to say that -- for the investment in this coal chemical industry, and we can already see that this is also about the long schedule and the long period. And for the rest of the project for the entire CapEx, how big the size would be? And how can we balance for example, like the increase of this dividend?
And there are 2 different questions. Let's first answer the question. It's about this coal chemical CapEx. And for our annual report, we have already disclosed it's about CNY 16 billion and it's about CNY 4.87 billion compared with 2023. The actual realization will have a very big increase. It's mainly because for Yulin Phase II projects for this CapEx. And so we also have this actual construction. So we have already got this entire investment level introduced by Mr. Chai. So in the future, this will mainly centered on this Yulin Phase II to do this CapEx about this coal chemical industry. This is about the first launch.
And of course, about this basic procedure, we will arrange that one by one and about the dividend issuing. So for this annual report release, we have [ relayed ] this explanation to all the investors, we will have our CFO about the dividend to do the further explanation to all of you, okay?
So for the dividend, for this annual release, we have already done that for this company dividend is sticking to this stable operation of the company, generally speaking. We have already mentioned, for example, in the past few years, we have already been very generous sending out the dividend, and we also could further improve like for all the different ones. And then we also can say that for the past few years, we are still doing the dividend issuing.
We also -- I've seen that for the whole process and for the entire development, this is about this high-quality feedback, high-quality payback. So generally speaking, we will maintain the dividend and maintain the stable operation. And with our further investments to further got in line with this basic level and then you have a better servicing of all our shareholders and investors.
Okay. And I have another question. It is also proposed by the first investor. So for Pingshuo mine, and it's about the 90 million productivity. It's about the overall capacity. So we are very looking forward and caring about this the following of the Pingshuo mine and maybe it's about this changes safety requirement for Pingshuo for the future 3 to 5 years of this prospect. What is the prospect of that for Pingshuo?
We still have Mr. [ Li Gao ] from this coal department.
For Pingshuo mine, and now we have like a quite a big arrangement for that currently. For the overall 2023 productivity, I have already answered. For the current capacity, it's about 30 million, then to be even reduced to 25 million because of this safety problem for this annual presentation. And we also expect that if this procedure could be done. And we could also restore it to about 1 to 2 years, it will be recovered to this ordinary productivity level. And for -- it's about 10 million tonnes now.
For this overall scale of productivity is about 90 million tonnes. So now it's about this investor securing about this continuation of the resources. Currently, we have this. Indeed, we are faced with this problem. But in the next 5 years, and the productivity could be maintained is a very balanced and stable way. And after we're dealing with all the different procedures with Pingshuo's productivity, we still have like a slight increase. This is the overall situation. Thank you.
Okay. So thank you all the distinguished leaders. We will have [ Huatai Securities ] to do the question proposing. So thank you. [ Huatai ]?
I also would like to have a question for all the different managers, leaders [indiscernible] other price because in Q1 for this comprehensive selling price is down by 11%. So for the coking coal and for this steamed coal are all with a similar reduction. But for the long-term associations and agreements price, it is actually much less than this reduction. So we think that comprehensive price reduction compared with this like [ spot good ] price reduction and the long agreement of price reduction, it is much longer than that, much better than that. So we want to know that what about the current pricing model and any changes of this [ spot good ] price.
I would like to clarify that currently, for the comprehensive price compared with the market, it seems that we are having a much bigger reduction of the price compared with the market average. So for example, about 80% of this long agreement price, you can see that our reduction is a little bit bigger than the market average because for 2024 for this overall proportion for this long agreement. And I would like to know that what is the current level of our long-term agreements. So I still stick to this original long-term contracts. So we haven't got a very significant change.
And according to the related requirements and we have already organized this cooperation, and we have about 90% of the scale. And at the same time, we also have already got this corporation to deal with these long-term contracts. We haven't got very significant changes. However, for the price and for the specific delivery for the quality and because of the entire balance and also about the way of delivery, for example, it's about the relationship with this market or suppliers. This would also influence the common practices of different quarters. And there, for the comprehensive proportion, it doesn't have a very big change for the long-term agreement.
Okay. Got it. I also would like to probe one more question. This is for Shalajida Coal Mine, and then it is having the supporting functionality to support the chemical industry. So now we have this additional 5 million tonnes. These are all supporting this sale on the spot because we haven't got a specific arrangement of Shalajida. And I have to say that if it is all like guaranteeing this long-term contract that we cannot say for sure. But we first guarantee the long-term sales. Have you heard of that?
Okay. Got it. That is to say that Shalajida. These are all guaranteeing this long-term supply. It's not like the incremental amount is actually sold on the [ spot ]. I didn't hear you clearly. Yes. We can see that for this additional productivity, we'll first guarantee the long-term contracts.
Thank you so much for the answer. So we will have 63 22 with a phone number to propose the questions. So please share with us where are you from. Thank you.
Hello, all the leaders. I am from Citibank. So can you hear me?
Yes.
I am the analyst from Citi. So thank you so much for the introduction. And congrats to you on this Q1 business. I have several questions. There are questions that also would like to probe on. Maybe they have already been asked is above this self-produced coal cost is up by 7% for the cost. I have several different clarifications. And compared with last year, so you also can say that for this seasonal reason, you are also trying to eliminate this seasonal cost fluctuation.
So for Q1, we have already got this seasonal feature to be reduced. My question is for the afterwards seasons and quarters, is it also like predicted to have this continuous increase? And how big would the increase be? So this is the first question. I will ask one by one.
Okay. So for this question, I will have Mr. Chai to answer you.
For the cost, you already know that for this operation, we are very stable in the operation and for the different seasons and for the quarter, they are all very stable. And we already can say that there are several fluctuations compared with the same time last year. We have already got some like objective one.
And you already can say that for our investments, we're all like -- to say that it's fewer than that. And for the last 3 quarters of last year, we have invested more. And the next thing is for the entire business and the reasonable management, these are quite related to that because of the feature of our company. So even if the market is not very positive, we are still trying to invest more to like even the cost out.
So for the next year, we are also preparing for the next years of future growth to increase the safety and infrastructure investments. So for all the different management results, maybe you could think that. So for our work, whether we could realize or not and, we also could do more about it. And then because whether it is actually having [indiscernible] with the progress, it is related to that. And I also have to say that, first of all, this is about the entire Q1 status quo. I have to say that for our arrangement, is about this year compared with last year. So we just want to keep a stable growth and stable development. No matter about the speed about the work or try to extend the investment, maybe from all the different aspects, we want to say that it is harder for us to help the cost to be maintained. But generally speaking, this is still like being scientifically managed.
Thank you. Mr. [indiscernible]. I have answered your question in a very conscious manner. I have to say that it doesn't get with very strict, very specific prediction, but the final result is still depending on the finalization at the end of the year, okay? It doesn't -- if any judgment and operation, okay?
The second question is about the core chemical industry product cost. You can see for Q1 for all the different costs compared with Q4, we have already declined a lot. I have to ask one thing. It's about the core chemical industry, they have also got this seasonal difference have caused this Q4, costs being hired or this just because of this raw material price increase and decrease. And then how can we just say that which one is having a higher relevant debt?
It's still about this reduction of the price of the source coal and that -- these are the main reasons. Its having nothing to do with the seasonality. Our idea is actually, we are subject to this source material, the coal price. And the next thing is we are also influenced by this methanol MISO alcohol. These are also the reason why we are having this significant change of the cost.
Okay. Very clear. So last question is also about the price. Just now we also have already got different analysts asking this, maybe for the tin, coal, so for self-produced coking coal, the selling price compared to Q4, it is having a slight increase. However, the market price is declining. So we can check -- the reason why it is having a better performance compared with the market average. Why is that?
I would like to invite Mr. [ Sun ] to answer the question.
So from the market perspective, for Q1, for the market demand is quite weak. So for this entire coking coal is actually quite weak demand. So from our self-owned product is also [indiscernible] by the pricing influence. This is also like having certain -- like lagging behind of that for Q2, for the entire coking coal. I think that with our prediction, you will still go upward a little bit. So it is a little bit lagging behind.
So now we will have this 0163 phone number to propose a question.
I'm from [indiscernible] Securities. Congratulate you on the good performances. So I only have two questions after hearing a lot of questions proposed by our colleagues. So you can see for the [indiscernible] mine. So for the entire profitability, it's still quite good. So for [indiscernible], it's under another constructive mine. So after -- there has been a production...
Sorry -- can you slow down a little bit? Sorry, we couldn't hear you clearly. You say which mine?
We have two being constructed. One is [indiscernible] One is the [indiscernible]. [indiscernible], it is actually under our [indiscernible] coking coal right for the mine. So I would like to ask [indiscernible] compared with the [indiscernible] coking coal. So the quality and profitability? And is this like similar with existing ones or even better. I also would like to say that [indiscernible] may be one way to go. After putting in production in 2025, how long time is needed? This is the first question.
So I would like to say that, madam, we really cannot hear you very clearly, you could adjust the distance between you and the microphone?
Can you hear me now?
Yes, much, much better.
So we have already [indiscernible] about [indiscernible] and [indiscernible], for [indiscernible], coal quality and about profitability, right? So compared with the [indiscernible]
We will invite Mr. Li to answer that. And then it's about this productivity time, right, for [indiscernible] and [indiscernible] . We have Mr. Li from the coal department.
First, I would like to answer the [indiscernible] [ Qingsong ]. So the quality is about applying the coal. You know that for applying the coal and coking coal, it has already got a price gap. You can see for the coking coal compared with the blind coal being higher. So this is one reason. And the second thing is for the [indiscernible] is about 4 million tonnes. So for [indiscernible] is about 7.5 million. So from the productivity perspective for [indiscernible] the cost will be like higher than that. This is the second one. And from the two different aspects, we can see that all of them combined for [indiscernible] mine and the overall profitability is lower than [indiscernible]. This is about [indiscernible]. For [indiscernible] should it be like in the trial production for next year's middle of the next year, so this will [indiscernible]. So this is about a productivity time. So with [indiscernible], the current scale is about 2.4 million tonnes. We expect the product every time is about the end of next year.
So the second question is, it's also about the coal mine because the existing mines are just [indiscernible] being constructed after 2025. And then when they are all good in production for this newly added product we have with a further plan because previously for NDRC has also proposed about this reservation about the productivity capacity for 2025 about this is new incremental capacity. I would like to propose a question after 2025.
Just now there are two different questions. The first one is about the two planned constructive coal mine and whether the China Coal will have newly constructed coal mine. Previously, we have also answered this proposed after investor has proposed a question. For China Coal, I can say that we have a lot of resources for a short period of time. And what we are proposing, we have like a [indiscernible], number two mine [indiscernible] is about 4.8 billion tonnes, it's about 150 years of the overall plan. We plan to put that hedge off from 1 to 2. So for the current plan, it's about more than 20 million tonnes. This requires NBRC to do the plant for this newly planned productivity. And for us, we are also accelerating the reserve resources. We are also actively promoting the related work. And the second one is -- it's about this reserve capacity for NDRC. It has already proposed from two different aspects. The first one is for this being constructed mine, we will improve the reserve capacity. The second one to apply for new mines for this reserve capacity. These are two different starting points. And for this constructed mines, when we are dealing with all the [indiscernible] different situations, currently, I can say that [indiscernible] have all got the eligibility to apply for this reservation of the capacity because for the reserve capacity. And when the Chinese government required that we could release that. Normally, we are -- like according to the current demand to release that. And then for the new reserves, you can already see that with the development and for all the different adjustments. So we could also like appropriately apply for the capacity. This is also about 30% of this existing capacity. This is for the reserve capacity.
I will invite 4500 for the telephone and number to first tell us where you're from and what's your name?
I'm [ Goh ] [indiscernible], Securities [indiscernible]. I also would like to propose to two different questions. The first one is 2024 for the Q1 sales structure is being optimized for our self produced coal has been adjusted for this entire commercial co? What is the positioning for that? Do we also have this further adjustment opportunity for that?
I will directly answer you. For our self-produced for this commercial coal and [indiscernible] coal, we are still having this quite big amount of reduction. In the future, we still will just vigorously stick to this business model of the buyout of the trade and the commercial coal. This is also one of the key selling points and highlights of our company compared to competitors for our annual operation, we are actively seeking the buyout of this commercial call. So that's all.
Okay. And I also would like to ask for 2024, the basic CapEx is about CNY 16 billion is a slight decline compared with last year. And which are the key projects for our CapEx to be invested to?
You mean for 2024, CapEx is about CNY 16 billion. Compared with the plan of last year, it has the slight decline. And this is also for all the different numbers. So I would like to invite Mr. [indiscernible]
For 2023, we can see that for 2024 when we plan for the CapEx because the principle is -- we hope to be more stable. And for 2024, we are based on the requirements of the development. And it seems that compared with 2023, it is declining compared with CNY 1.8 billion -- CNY 18 billion. It is actually on the right compared with that. Well, 2024 for the major purchase plan is for the infrastructure is still about this several different coal mines and power plants. We also have already got this [indiscernible] Phase II coal, chemical industry and for some other different key aspects. That's all. Mainly about the core infrastructure investment.
This is about this written question from the Internet. So I would like to ask [indiscernible] answer about the 2 months for their annual productivity is how much? And for the remaining years to be developed in how much? How many years you were available for the mining lives?
So first of all, [indiscernible] about [indiscernible] and -- for about 250 million tonnes. However, a lot are not able to be exploited. Now we only have about [ 50 ] million tonnes, although we have a very big amount of reserves. And we can already see that for the following up is about 450 million tonnes with my current productivity, and it's about 20 million tonnes annually. We still have about more than 20 years for [indiscernible]. So for [indiscernible], for this entire reserve, we have about 240 million tonnes to 300 million tonnes because of the reserve we mainly check -- like a minable one. So about 25 million tonnes for the service life is about 8 to 10 years [indiscernible] and so this is about [indiscernible].
We will have 1605 investor to propose the question. Please tell us where are you from?
We are from [indiscernible] Capital. I have two questions. The first one is about the dividend. So to a large extent, it is attributed to the parent company. And we are following this cash, and we also have this like cash [ bond ]. We have about CNY 20 billion of this net debt. So for the dividend, for 2023 for [indiscernible]. And these are all having a very good -- they have about like 50% to 51% of the dividend previously is about CNY 230 million for 2023. Suddenly, it doesn't have this dividend paid the [indiscernible] for the rest of the subsidiaries have significantly improved the dividend [indiscernible]. And we also have some other different -- for example, for China Coal, we also will be influenced by other different elements and factors. I also would like to know there are some reasons about that? This is the first question.
Okay. So [indiscernible] it is about 49% of the share -- not the [indiscernible] coal line. Yes. So for [indiscernible], we have invested about 49% of the share. So for their dividend policy we have to study to decide that. So politically speaking, for this wholly invested company without any exceptions. Basically, they have just 100% paid dividend. This is also based on the overall development and there were just a track to do that according to the plan annually for the proportion? For 2023, they haven't given you any dividend. So the thing is -- so it still depends on the Board meeting to decide that. For this annual release, they haven't got this dividend Board meeting to decide the proportion of the dividend, and we cannot just rule out the possibility that they will keep further dividend. I have to further explain that for [indiscernible]. They are still like actively constructed some new coal mines. They still need a certain money to construct the new coal mines. This is also the reason. And indeed, it's about the Board meeting, the Board assembly to decide it. So until now for China Coal, we haven't got a very specific arrangement. Maybe for the semi-annual report time, we will see the update of that. Yes, you can.
So the second question is previous investor has already checked about the price of this coking coal for Q1 compared with Q4 last year, the price is increasing. And so we have already seen for this consolidated sheet is mainly about to [indiscernible]. The first one is about like -- they have this clean coal and have this raw coal. So I have to say that is it because of the average price increases because of this more proportion sold about the clean coal and the reduction of the raw coal. Because for entire Q1 compared with Q4 last year, the price reduction is quite obvious. So we have this very like different ones. And I also would like to say that or the distinguished price of local and the clinical are all on the decline.
So the question is actually quite detailed. We cannot rule out the reason analyzed by you, but for the specific answer we need to double confirm. If you need that, you can communicate with our investor relationship department. We will give you a more confirmed answer, okay.
So now let's see that are there any investors online and offline to proposal question. [Operator Instructions] So now it's about the written word question for [indiscernible] [ 5 million ] increase of the procedure has already been approved. And when will we have this final productivity being reached?
So for [indiscernible] we have already finished the -- entire arrangement is about 12 years. For next year, we will -- according to the plan, according to the schedule to finish our planned production.
[Operator Instructions] So the next question is from the written [indiscernible] All the leaders just now, I couldn't hear the telephone. I would like to say that for full [indiscernible] mining zone with [indiscernible], it has about 20 million of this productivity expansion, is that right? Could I have a clarification of that?
For the question, can you repeat it?
The question is for the last 2 to 3 years of [indiscernible] we have about 20 million tons of this productivity expansion. Is it right?
You cannot just answer like that. Our productivity and capacity have already been released to a certain extent. In the future for China Coal energy, we will maintain the stability. It is a higher possibility. I cannot rule out that we will have some fluctuations of the productivity and -- so we could also keep it like 2023 for the productivity, and this is also quite possible for us to maintain the stability level until now.
So now let me invite the next telephone investor. So please share with us where you're from. He has already canceled the raising hand. Now let's see the last round of proposing the question and to see whether there are more questions to be proposed. [Operator Instructions] So the next written question is I would like to ask that [indiscernible] resource tax has been increased, has it influenced our efficiency of the operation? We will invite Madam [indiscernible] from the legal fairs department.
So for the tax, we're having certain interest of our cost. And for [indiscernible], they will have this original cost and then you would also influence the profit.
So the last one -- the next one is whether you could give me an indicator on what circumstances you will invite a higher dividend? For example, what kind of cash CapEx? And then can you give a live like a more stable expectation?
So for the dividend, I have already answered for many times, I would like to propose it one more time, I repeat one more time. Since our [indiscernible] limited is about 20% to 30% of dividends. We have stick to the 30% of dividends for many years after being lifted until now. We are still sticking to the -- 30% of this profit due to the dividend issuing. So this is what we have proposed and we are also keeping the promise.
And for online, we have no more investors. And for offline, can we just finish the live broadcast, and then we will turn to the written question session. Thank you all the leaders. [Statements in English on this transcript were spoken by an interpreter present on the live call]