上海市锦天城律师事务所 关于兖矿能源集团股份有限公司 2021 年 A 股限制性股票激 励计划第三个解除限售期解除限售条件达成、回购注销部分 限制性股票并调整回购价格相关事宜的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话:021-20511000 传真:021-20511999 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于兖矿能源集团股份有限公司 2021 年 A 股限制性股票激励计划第三个解除限售期解除限售条 件达成、回购注销部分限制性股票并调整回购价格相关事宜的 法律意见书 致:衮矿能源集团股份有限公司 上海市锦天城律师事务所(以下简称"锦天城"或"本所")接受兖矿能源集团 股份有限公司(以下简称"公司"或"兖矿能源")的委托,担任公司"2021年 A 股 限制性股票激励计划"(以下简称"本激励计划")的法律顾问,根据《中华人民 共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称 "《证券法》")、《上市公司股权激励管理办法》 ...

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、准确性和完整性依法承担法 律责任。 股票代码：600188 股票简称：兖矿能源 编号：临 2026-018 兖矿能源集团股份有限公司 关于 2021 年 A 股限制性股票激励计划 第三期解除限售暨上市的公告 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股 数为37,440,936股。 本次股票上市流通总数为37,440,936股。 本次股票上市流通日期为2026 年 3 月 17 日。 兖矿能源集团股份有限公司（"公司"）于 2026 年 2 月 11 日召开第九 届董事会第二十一次会议，通过了《关于审议批准解禁A股限制性股票激 励第三批限售股份的议案》，确认公司 2021 年A股限制性股票激励计划 （"本激励计划"）第三个解除限售期解除限售条件已经达成，同意为 1,161 名激励对象办理相关限制性股票解除限售事宜。根据本激励计划规 定和公司 2022 年度第一次临时股东大会、2022 年度第一次A股及H股类别 股东大会（"股东大会"）授权，现就第三期解除限售暨上市的相关事项说 明 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任 。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 海外監管公告 於其他市場披露的資料 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2026 年 3 月 11 日 ， 在 上 海 證 券 交 易 所 網 站 （www.sse.com.cn）和公司網站（www.ykenergy.com）刊登的《上海市錦天城律師事務所關於兗 礦能源集團股份有限公司2021年A股限制性股票激勵計畫第三個解除限售期解除限售條件達成、 回購註銷部分限制性股票並調整回購價格相關事宜的法律意見書》，僅供參閱。 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任 。 承董事會命 兗礦能源集團股份有限公司 董事長 李 偉 中國山東省鄒城市 2026年3月11日 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 海外監管公告 於其他市場披露的資料 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2026 年 3 月 11 日 ， 在 上 海 證 券 交 易 所 網 站 （www.sse.com.cn）和公司網站（www.ykenergy.com）刊登的《兗礦能源集團股份有限公司關於 2021年A股限制性股票激勵計畫第三期解除限售暨上市的公告》，僅供參閱。 於本公告日期，本公司董事為李偉先生、王九红先生、劉健先生、劉強先生、張海軍先生、蘇力先 ...

Summary of Coal Industry Conference Call Industry Overview - The conference focused on the coal industry, specifically addressing concerns regarding the recent decline in coal prices and its implications for the market [1][2]. Key Points and Arguments Current Coal Price Trends - The Newcastle coal price has dropped to around $130, significantly lower than the peak of $400 in 2022 [1][2]. - Domestic coal prices have also seen a decline, with Qinhuangdao 5500 thermal coal prices dropping from 745 RMB to 743 RMB, and coking coal prices decreasing from 1660 RMB to 1580 RMB [2]. Supply and Demand Dynamics - The current coal market is characterized by high inventory levels and weakening prices, contrasting with the tight supply and high prices seen in 2021 and 2022 [3][4]. - The supply situation is expected to tighten due to a gradual exit from pre-approved production capacity, leading to a marginal contraction in supply [6][9]. - The coal supply is currently in a weaker state compared to 2022, which may support future price increases despite current price declines [5][9]. Import Dynamics - In 2022, coal imports were restricted, particularly from Australia, but are expected to increase significantly in 2023 and beyond [10][11]. - The supply from Indonesia is currently constrained, with expectations of limited increases until mid-year due to regulatory controls [12]. Demand Drivers - Domestic demand for coal is expected to rise, particularly from the chemical sector, which has seen a significant increase in coal consumption due to disruptions in oil and gas supplies [14][15]. - The steel industry is also anticipated to increase its coal demand, especially if geopolitical tensions escalate [17]. European Market Influence - European natural gas demand is a critical factor; if gas supplies are disrupted, coal demand in Europe is likely to increase, driving up global coal prices [19][20]. - The ongoing geopolitical situation, particularly regarding sanctions on Russian energy, may further influence coal demand dynamics [21][22]. Investment Recommendations - The analysis suggests that coal stocks are currently undervalued and presents a strong buying opportunity, with expectations of price increases leading to significant earnings growth for coal companies [22][23]. - Specific companies recommended for investment include Yanzhou Coal Mining Company and Guanghui Energy, which are expected to benefit from market dynamics and have high earnings elasticity [24][25]. Additional Insights - The potential for structural shortages in high-quality coal due to increased demand from the chemical sector could lead to price increases across the board [15][16]. - The overall sentiment is that while current price declines may cause concern, the long-term outlook for coal prices remains positive, and investors are encouraged to act quickly to capitalize on potential gains [22][28].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to benefit from significant growth in coal production capacity, projected to exceed 300 million tons per year by 2026, driven by the consolidation of Northwest Mining and ongoing capacity expansions [5][11] - The company's coal sales structure provides substantial profit elasticity, with a high sensitivity to market coal prices, indicating strong potential for profit growth during price upswings [6][25] - The report highlights the company's dual growth logic of "capacity expansion + price elasticity," positioning it as a structural opportunity in the coal price upcycle [7][8] Summary by Relevant Sections Company Overview - Total share capital is 10,037.48 million shares, with a market price of 20.28 yuan, resulting in a market capitalization of approximately 203.56 billion yuan [1] Financial Forecasts and Valuation - Projected revenues for 2025-2027 are 133.62 billion, 162.73 billion, and 173.42 billion yuan, with growth rates of -4%, 22%, and 7% respectively [10] - Expected net profits for the same period are 10.10 billion, 22.13 billion, and 23.01 billion yuan, with growth rates of -30%, 119%, and 4% respectively [10] - The report anticipates a significant increase in earnings per share, from 1.01 yuan in 2024 to 2.29 yuan in 2026 [3] Growth Potential - The company has completed the consolidation of Northwest Mining, adding 36.05 million tons per year to its production capacity, with further expansions planned [13][15] - The company aims to achieve a total production capacity of 30.59 million tons per year by 2026, with a projected increase in self-produced coal sales to approximately 18.6 million tons by 2027 [17][18] Profit Elasticity - The company's coal business exhibits high profit elasticity, with a profit elasticity coefficient of 5.0 when market coal prices rise by 15% [6][28] - The coal chemical segment is also expected to show significant profit elasticity, with projected net profits of 1.70 billion, 2.21 billion, and 2.74 billion yuan under different price scenarios [31] Investment Logic - The report emphasizes the company's clear capacity growth plan and its ability to leverage high market coal sales to enhance profitability, making it a strong candidate for investment in the coal sector [25][26]

Core Viewpoint - The Energy ETF Guangfa (159945) experienced a significant decline of 6.91% at the opening on March 10, 2023, trading at 1.428 yuan [1] Group 1: ETF Performance - The Energy ETF Guangfa (159945) has a performance benchmark of the CSI All Share Energy Index [1] - Since its establishment on June 25, 2015, the fund has achieved a return of 53.08% [1] - The fund's return over the past month is reported at 17.00% [1] Group 2: Major Holdings Performance - Major holdings in the Energy ETF include: - China Shenhua down 4.09% [1] - China Petroleum down 5.73% [1] - China Petrochemical down 7.14% [1] - Shaanxi Coal and Chemical Industry down 4.37% [1] - China National Offshore Oil Corporation down 9.99% [1] - Jereh Group up 0.03% [1] - Yanzhou Coal Mining down 5.42% [1] - China Coal Energy down 9.67% [1] - Guanghui Energy down 8.89% [1] - Shanxi Coking Coal down 3.67% [1]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [3] Core Insights - The surge in global oil and gas prices is driving demand for coal, with international coal prices reaching their highest levels in over two years due to geopolitical tensions in the Middle East [2] - The report highlights that the transition to coal for power generation is becoming more pronounced in regions like Japan, South Korea, and the EU, as they seek to secure energy supplies amid rising natural gas prices [5] - The tightening supply from major coal-exporting countries, particularly Indonesia, is expected to further support international coal prices [5] Summary by Sections Oil Prices - Brent crude oil futures settled at $92.69 per barrel, up $20.21 per barrel (+27.88%) from the previous week [1] - WTI crude oil futures settled at $90.90 per barrel, up $23.88 per barrel (+35.63%) from the previous week [1] Natural Gas Prices - The Northeast Asia LNG spot price reached $21.18 per million British thermal units, up $10.51 (+98.42%) from the previous week [1] - The Dutch TTF natural gas futures price was €52.23 per megawatt-hour, up €20.63 (+65.27%) from the previous week [1] Coal Prices - Newcastle port coal (6000K) FOB price was $137 per ton, up $18.5 (+15.61%) from the previous week [1] - The IPE South African Richards Bay coal futures price was $113 per ton, up $14.1 (+14.26%) from the previous week [1] - European ARA port coal (6000K) CIF price was $102.55 per ton, down $4.45 (-4.16%) from the previous week [1] Investment Recommendations - The report recommends focusing on companies such as China Coal Energy, Yanzhou Coal Mining, China Shenhua Energy, and Shaanxi Coal and Chemical Industry, which are expected to perform well [5] - It also highlights companies involved in smart mining and those undergoing turnaround situations, such as China Qinfa and Jiangxi Tungsten [5]

Investment Rating - The industry rating is "Positive" [1] Core Views - The coal sector has shown strong performance, with a 3.5% increase in the CITIC coal industry index, outperforming the CSI 300 index by 4.57 percentage points [2] - The widening oil-coal price gap indicates strong potential for coal chemical alternatives to oil, leading to increased operating rates and investment in coal chemical industries [6] - Current coal prices are expected to rise due to the influence of oil prices, despite a slight decline in coal prices during the off-season [6] Summary by Sections Coal Market Performance - As of March 6, 2026, the average daily coal sales of monitored enterprises reached 7.27 million tons, a week-on-week increase of 12.6% and a year-on-year increase of 11.2% [2] - The average daily coal production was 7.39 million tons, with a week-on-week increase of 10.5% and a year-on-year increase of 9.3% [2] - Total coal inventory was 24.54 million tons, a week-on-week increase of 3.5% but a year-on-year decrease of 33.2% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 689 CNY/ton, up 0.58% week-on-week [3] - The price of coking coal at Jing Tang Port was 1610 CNY/ton, down 5.3% week-on-week [4] - The price of methanol in East China rose to 2502.5 CNY/ton, an increase of 333.64 CNY/ton week-on-week [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies, coal chemical companies, and flexible coking coal companies [6] - Specific companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company among others [6]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1] Core Viewpoints - The current fundamentals of the port thermal coal market remain weak, with downstream industrial power demand showing weak recovery post-holiday, coupled with high temperatures leading to low residential demand. The end of the heating season is expected to keep coal prices in a fluctuating trend [1] - The report suggests focusing on the incremental insurance funds and the positive growth of premium income, which is increasingly concentrated among leading insurance companies. Given the ongoing scarcity of fixed-income assets and high dividend assets, there is an expectation for a shift towards equity allocations, particularly favoring resource stocks [2] - The report recommends core elastic targets in thermal coal, specifically suggesting attention to Haohua Energy and Guanghui Energy, which are considered undervalued [2][36] Summary by Sections Industry Overview - From March 2 to March 6, the port thermal coal spot price decreased by 8 CNY/ton, closing at 743 CNY/ton. The average daily inflow to the four ports in the Bohai Rim was 1.8925 million tons, an increase of 143,500 tons or 8.20% from the previous week. The supply from production areas has improved as production resumes post-holiday [1] - The average daily outflow from the four ports was 1.7195 million tons, an increase of 46,000 tons or 2.75% from the previous week. The total inventory at the four ports reached 25.508 million tons, an increase of 1.54 million tons or 6.43% from the previous week [1][31] Price Trends - As of March 6, the price of 5500 kcal thermal coal at Datong South Suburb increased by 23 CNY/ton to 667 CNY/ton, while the price at Yanzhou decreased by 70 CNY/ton to 880 CNY/ton. The port price of 5500 kcal thermal coal at Qinhuangdao decreased by 8 CNY/ton to 743 CNY/ton [15] - The thermal coal price index in the Bohai Rim region increased by 4 CNY/ton to 689 CNY/ton, while the Qinhuangdao port price index increased by 5 CNY/ton to 695 CNY/ton [18] International Market - International thermal coal prices showed mixed trends, with the Newcastle coal price index decreasing by 1.69 USD/ton to 115.71 USD/ton, while the South African Richards Bay coal price remained stable at 85.25 USD/ton [18] Shipping and Logistics - The average shipping cost on domestic major routes increased by 3 CNY/ton to 32.83 CNY/ton, reflecting a 10% increase [32] Market Sentiment - The report emphasizes the importance of monitoring the recovery pace of downstream economies, which could impact demand for electricity and steel, thereby affecting thermal and coking coal prices [36]