Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) is experiencing a significant decline in net profit for the first half of 2025, primarily due to falling coal prices and a supply-demand imbalance in the coal market [1][2]. Group 1: Financial Performance - The company expects a net profit of approximately 4.65 billion yuan for the first half of 2025, a decrease of about 2.9 billion yuan compared to 7.6 billion yuan in the same period last year, representing a year-on-year decline of 38% [1]. - In the first quarter of 2025, the company's net profit was 2.71 billion yuan, down 27.89% from the previous year [2]. Group 2: Coal Market Analysis - The decline in performance is attributed to a downward trend in coal prices, with the domestic coal market experiencing a supply-demand imbalance since 2025 [2][4]. - The price of Q5000 thermal coal in Shandong dropped to 535-560 yuan per ton by June 27, 2025, a decrease of 162.5 yuan per ton (22.89%) from the end of 2024, with an average price of approximately 619.35 yuan per ton, down 184.37 yuan per ton (22.94%) year-on-year [2]. - Overall, coal prices fell by more than 20% in the first half of 2025 [3]. Group 3: Supply and Demand Factors - The oversupply in the coal market is due to high domestic coal production and record-high port coal inventories, despite a slight decrease in imported coal [4]. - Demand for coal is primarily driven by non-electric industries and fluctuating speculative demand from traders, with limited demand from the power sector [4]. Group 4: Future Outlook - Analysts predict that the coal market may see some improvement in the second half of 2025, with potential demand increases during peak seasons, although the overall supply-demand imbalance is expected to persist [4]. - The chemical business of Yanzhou Coal Mining Company is showing positive growth, with production of chemical products reaching 2.414 million tons, an increase of 11.59%, and sales of 2.018 million tons, up 7.27% year-on-year [5]. Group 5: Chemical Business Performance - The chemical segment, while smaller compared to coal operations, has been performing well, contributing approximately 500 million yuan in revenue in the first quarter of 2025 [5]. - The decline in coal prices has reduced costs for the chemical business, as about 70% of its costs are linked to coal prices, providing support for profitability [5].

金融界消息 截至2025年8月14日收盘，兖矿能源（600188）报收于13.07元，下跌1.58%，换手率 0.58%，成交量34.25万手，成交金额4.51亿元。 天眼查商业履历信息显示，兖矿能源集团股份有限公司，成立于1997年，位于济宁市，是一家以从事煤 炭开采和洗选业为主的企业。企业注册资本1003986.0402万人民币，实缴资本1003748.05万人民币。公 司法定代表人为李伟。 通过天眼查大数据分析，兖矿能源集团股份有限公司共对外投资了60家企业，参与招投标项目5000次， 知识产权方面有商标信息256条，专利信息2197条，此外企业还拥有行政许可49个。 来源：金融界 资金流向方面，今日主力资金净流出4032.46万元，占比成交额8.94%。其中，超大单净流出1953.79万 元、占成交额4.33%，大单净流出2078.67万元、占成交额4.61%，中单净流出流入1316.52万元、占成交 额2.92%，小单净流入2715.93万元、占成交额6.02%。 兖矿能源最新一期业绩显示，截至2025一季报，公司营业总收入303.12亿元、同比减少23.53%，归属净 利润27.10亿元，同比减少 ...

煤炭巨头兖矿能源（600188）（SH600188，股价13.07元，市值1312亿元）发布的一则半年度业绩预减 公告，为本就处于下行周期的煤炭市场再添一丝寒意。 8月13日晚间，兖矿能源表示，按中国会计准则初步测算，公司预计2025年上半年实现归母净利润约 46.5亿元，与上年同期的76亿元相比，大幅减少约29亿元，同比降幅达38%。 这一业绩滑坡并非偶然。自2025年以来，受国内外宏观经济、能源结构转型及市场供需关系变化等多重 因素影响，整个煤炭行业已进入深度调整期。面对行业寒冬，即便是兖矿能源这样的龙头企业也感受到 了巨大经营压力。 面对困境，兖矿能源并非坐以待毙。公司通过"优化生产组织扩能增量"，力图以量补价。2025年第一季 度，集团商品煤产量达到3680万吨，同比增加6.26%。然而，在价格的剧烈下挫面前，产量的增长显得 杯水车薪，未能扭转利润下滑的局面。 多元化尚未"挑起大梁" 《每日经济新闻》记者注意到，兖矿能源今年一季度的业绩已现疲态，归母净利润同比下降27.89%。 如今，半年度业绩预告的降幅进一步扩大，凸显了行业下行周期中市场对公司的严峻考验。在主业承压 的背景下，兖矿能源的化工等多元化 ...

西部证券表示，港股通高股息行业在当前流动性宽松环境下具备长期投资价值。一方面，非标投资收益下滑背景下，高股息标的持续吸引低成本资金流入； 另一方面，银行等板块盈利保持稳健，分红水平维持稳定。反内卷政策推动下，焦炭、普钢等中游材料行业供需格局改善，PPI企稳预期增强，有利于企业 盈利修复。 截至2025年8月14日 14:46，恒生港股通高股息率指数(HSSCHKY)下跌0.35%。成分股方面涨跌互现，中国财险(02328)领涨4.99%，中国太保(02601)上涨 4.83%，统一企业中国(00220)上涨4.38%；兖矿能源(01171)领跌4.52%，中银香港(02388)下跌3.40%，中煤能源(01898)下跌2.97%。港股红利ETF博时(513690) 多空胶着，最新报价1.1元。拉长时间看，截至2025年8月13日，港股红利ETF博时近1周累计上涨2.89%。 流动性方面，港股红利ETF博时盘中换手4.32%，成交2.09亿元。拉长时间看，截至8月13日，港股红利ETF博时近1月日均成交2.48亿元。 规模方面，港股红利ETF博时最新规模达48.12亿元。 数据显示，杠杆资金持续布局中。港股红利 ...

Group 1 - The company expects a decline in net profit for 1H25, with a forecasted net profit attributable to shareholders of 4.65 billion yuan, down approximately 38% year-on-year, and a non-recurring net profit of 4.4 billion yuan, down 39% year-on-year, primarily due to falling coal prices and weak demand leading to a decrease in coal sales [1] - The market is experiencing a loose supply-demand situation, which has pressured coking coal prices. National coal production increased by 5.4% year-on-year in 1H25, while demand remained weak, with power generation down 2.4% and crude steel production down 3.0% year-on-year [1] - The company's coal sales declined due to weak demand, with total coal sales in 1H25 down 4.9% year-on-year to 64.56 million tons, despite a 6.5% increase in coal production [1] Group 2 - Since 3Q25, coal prices have rebounded due to increased demand for electricity during peak season, with the price of Qinhuangdao 5500 kcal thermal coal rising from 615 yuan/ton at the end of June to 694 yuan/ton as of August 13, indicating a potential recovery in company profits [2] - The expectation of further tightening supply in the domestic market may lead to a more balanced coal supply-demand situation, supporting a sustained increase in thermal coal prices and improving company profitability compared to 2Q25 [2] Group 3 - The company's earnings forecast and valuation remain largely unchanged, with the current stock price corresponding to a P/E ratio of 14.3x/12.2x for A-shares and 9.9x/8.1x for H-shares for 2025E/26E [3] - The target price for A/H shares is maintained at 16.00 yuan for A-shares and 10.00 HKD for H-shares, implying a 20% upside for A-shares and a 3% upside for H-shares based on the 2025E/26E P/E ratios [3]

港股煤炭股普遍走低，其中，金马能源跌近6%，兖矿能源、蒙古能源跌4.5%，中煤能源跌2.5%，中国 神华、兖煤澳大利亚跌1.5%。 消息上，双焦期货继续下挫。焦煤主力合约跌超5%，现报1225元/吨；焦炭主力合约跌4%，现报1712 元/吨。有分析指出，煤炭行业短期受制于政策与需求双杀，中长期面临能源革命替代，建议规避中小 型、高成本煤企。若参与反弹，需紧盯：1）冬季取暖季短期需求波动；2）稳经济政策下钢铁/化工阶 段性复产。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 へ | | --- | --- | --- | --- | | 06885 | 金马能源 | 1.460 | -5.81% | | 01171 | 兖矿能源 | 9.280 | -4.62% | | 00276 | 蒙古能源 | 0.630 | -4.55% | | 01303 | 汇力资源 | 0.285 | -3.39% | | 01898 | 中煤能源 | 10.180 | -2.49% | | 00065 | 弘海高新资源 | 0.580 | -1.69% | | 01393 | 恒鼎实业 | 0.064 | -1.54% ...

消息面上，兖矿能源发布公告，公司预计2025年半年度实现归属于上市公司股东的净利润约人民币46.5 亿元，同比减少38%左右；预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利润约 人民币44亿元，同比减少39%左右。公告指出，期内公司优化生产组织扩能增量，主要产品产能高效释 放，挖潜增效精准发力，成本管控取得良好效果，化工业务实现较好协同增盈，一定程度上对冲了煤炭 价格周期性下行影响。但由于煤炭供需总体宽松，煤价较同期大幅下降，影响归母净利润同比减少。 兖矿能源（600188）(01171)跌超3%，截至发稿，跌2.98%，报9.44港元，成交额2.47亿港元。 ...

消息面上，兖矿能源发布公告，公司预计2025年半年度实现归属于上市公司股东的净利润约人民币46.5 亿元，同比减少38%左右；预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利润约 人民币44亿元，同比减少39%左右。公告指出，期内公司优化生产组织扩能增量，主要产品产能高效释 放，挖潜增效精准发力，成本管控取得良好效果，化工业务实现较好协同增盈，一定程度上对冲了煤炭 价格周期性下行影响。但由于煤炭供需总体宽松，煤价较同期大幅下降，影响归母净利润同比减少。 智通财经APP获悉，兖矿能源(01171)跌超3%，截至发稿，跌2.98%，报9.44港元，成交额2.47亿港元。 ...

Core Viewpoint - The company expects a significant decrease in net profit for the first half of 2025, primarily due to a decline in coal prices despite operational optimizations and cost management efforts [1][5]. Financial Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately 4.65 billion yuan for the first half of 2025, a decrease of about 2.9 billion yuan or 38% compared to the same period last year [2][3]. - The expected net profit, excluding non-recurring gains and losses, is around 4.4 billion yuan, also reflecting a decrease of about 2.9 billion yuan or 39% year-on-year [2][4]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders was 7.6 billion yuan [3]. - The net profit, excluding non-recurring gains and losses, was 7.3 billion yuan [4]. Reasons for Performance Change - The company has optimized production organization and increased capacity, which has helped mitigate some impacts of falling coal prices. However, the overall supply-demand balance in the coal market has led to a significant drop in coal prices, adversely affecting net profit [5]. - The company plans to adapt to market changes by optimizing production, enhancing cost management, and expanding marketing channels to create value for investors [5]. Other Important Notes - The financial data provided is preliminary and subject to final confirmation in the official half-year report for 2025 [8]. - The company completed the acquisition of a 51% stake in Northwest Mining in July 2025, which will be included in the consolidated financial statements from that date [8].

Core Viewpoint - Yancoal Energy Group Co., Ltd. expects a significant decline in net profit for the first half of 2025, projecting approximately 4.65 billion yuan, a year-on-year decrease of about 38% due to a substantial drop in coal prices and a generally loose supply-demand situation in the coal market [1] Industry Overview - The domestic and international coal market prices have significantly decreased in the first half of the year, with domestic prices for various coal types dropping between 23% to 29% year-on-year, and the Australian API5 index down by 21% [1] - The coal mining and washing industry reported a revenue of 1.24 trillion yuan and a total profit of 149.16 billion yuan from January to June 2025, reflecting a year-on-year decline of 21% and 53% respectively [1] Company Performance - Yancoal Energy's coal production increased by 6.54% year-on-year to 73.6 million tons, achieving a historical high for the same period [2] - The company managed to reduce its self-produced coal sales cost to 318 yuan per ton, a significant decrease of 13.8% year-on-year, while maintaining a relatively high gross profit margin despite a decline [2] - The coal chemical segment showed growth, with methanol production up by 6.71% to 2.1271 million tons and urea production up by 18.6% to 1.25 million tons, with sales volume increasing by 21.3% [2] Future Outlook - Positive factors are expected to drive company performance in the second half of the year, with signs of coal prices stabilizing and beginning to recover, as evidenced by a rise to approximately 690 yuan per ton for Qinhuangdao 5500 kcal thermal coal [3] - The integration of the newly acquired Northwest Mining Company is anticipated to enhance overall profitability, as it adds significant production capacity and quality coal assets [3] - The company has a clear growth trajectory for coal production, aiming for a target of 300 million tons, supported by both internal and external expansion efforts [5] Dividend Policy - Yancoal Energy has distributed a total of 85 billion yuan in dividends since its listing and has committed to maintaining a cash dividend payout ratio of no less than 60% from 2024 to 2026, with a minimum cash dividend of 0.5 yuan per share [5]