兗礦能源集團股份有限公司 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。 單位：百萬噸 | | | 第四季度 | | | 全年 | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 增減幅 | 2025 年 | 2024 年 | 增減幅 | | 商品煤產量 （應占份額） | 10.4 | 9.7 | 7% | 38.6 | 36.9 | 5% | | 商品煤銷量 （應占份額） | 10.8 | 10.4 | 4% | 38.1 | 37.7 | 1% | | 平均實現價格 （澳元/噸） | 148 | 176 | -16% | 146 | 176 | -17% | 1 投 資 者 如 需 瞭 解 詳 情 ， 請 參 見 兗 煤 澳 洲 公 司 在 澳 交 所 網 站 （http://www2.asx.com.au）及聯交所網站（http://www.hkexnews. ...

股票代码：600188 股票简称：兖矿能源 编号：临 2026-002 兖矿能源集团股份有限公司 2025 年第四季度主要运营数据公告 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 整性承担法律责任。 经兖矿能源集团股份有限公司（"公司"）内部统计，2025 年 第四季度，公司及其附属公司煤炭业务、煤化工业务主要运营数据如 下表： | （六）聚甲醛 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1.产量 | 1.67 | 1.78 | -5.93 | 7.06 | 6.50 | 8.60 | | 2.销量 | 2.02 | 1.76 | 14.94 | 7.06 | 6.49 | 8.73 | | （七）全馏分液体石蜡 | ③ | | | | | | | 1.产量 | 10.77 | 11.61 | -7.15 | 44.74 | 11.61 | 285.52 | | 2.销量 | 10.58 | 11.10 | -4.73 | 44.64 | 11.10 | 302. ...

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) 2025 年第四季度主要運營數據公告 此公告乃由兗礦能源集團股份有限公司（「本公司」）自願作出。 | （四）醋酸乙酯 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1.產量 | 5.12 | 5.89 | -13.04 | 23.79 | 28.46 | -16.40 | | 2.銷量 | 5.03 | 6.00 | -16.12 | 23.86 | 28.39 | -15.96 | | （五）己內醯胺 | | | | | | | | 1.產量 | 8.55 | 9.58 | -10.78 | 35.70 | 33.66 | 6.08 | | 2.銷量 | 9 ...

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Core Insights - The report indicates that coal imports in December increased by 12% year-on-year, and the daily consumption of power plants is expected to continue growing [1][85]. Market Dynamics - Coking coal prices have seen significant increases, with the first round of price hikes for coke expected to be implemented next Monday [5][11]. - The CCI 5500 kcal thermal coal index reported at 702 RMB/ton, with a week-on-week increase of 1 RMB/ton [11][86]. - The average daily consumption of coastal power plants was 218,000 tons, with a stock availability of 15.4 days [28]. Industry Outlook - The coal price is expected to maintain stability due to high daily consumption and a potential decrease in production in the first quarter [5][86]. - The overall supply-demand balance in the medium to long term is expected to remain tight, with a potential increase in the price center compared to 2025 [5][86]. - The total profit of the coal mining industry from January to November 2025 was 297 billion RMB, a year-on-year decrease of 47% [5]. Key Companies - Companies with stable profits and dividends include China Shenhua, Yanzhou Coal, Shaanxi Coal, and others [5]. - Companies benefiting from improved demand expectations and supply contraction include Shanxi Coking Coal, Lu'an Environmental Energy, and others [5]. - Companies with long-term growth potential include Huayang Co., New Energy, and others [5]. Recent Focus Areas - Industry policies have remained stable, with stricter safety regulations limiting production [5][88]. - The demand growth rate for coal has generally declined, but December saw a significant increase in coal imports [5][92].

Core Viewpoint - Yanzhou Coal Mining Company Limited has experienced a decline in stock price and profitability, indicating potential challenges in the coal industry amidst fluctuating market conditions [1][2]. Financial Performance - As of September 30, 2025, Yanzhou Coal reported a revenue of 104.96 billion yuan, a year-on-year decrease of 1.57% [2]. - The net profit attributable to shareholders for the same period was 7.12 billion yuan, reflecting a significant year-on-year decline of 37.57% [2]. Stock Market Activity - On January 16, Yanzhou Coal's stock price fell by 2.01%, trading at 13.63 yuan per share with a total market capitalization of 136.81 billion yuan [1]. - The stock has seen a year-to-date increase of 3.65%, but has declined by 4.35% over the last five trading days and 7.66% over the last 60 days [1]. Shareholder Information - The number of shareholders decreased by 9.15% to 134,200 as of September 30, 2025 [2]. - Major shareholders include Hong Kong Central Clearing Limited and Guotai Junan Securities, with notable changes in their holdings [3]. Business Segments - Yanzhou Coal's main business segments include coal mining (58.09% of revenue), coal chemical and power generation (22.48%), and non-coal trading and logistics (12.29%) [1].

Summary of Yanzhou Coal Mining Company Conference Call Industry Overview - The coal industry is expected to see a significant increase in production and pricing in the coming years, driven by new projects and stable demand from power and chemical sectors [2][3][22]. Key Points on Yanzhou Coal Mining Company Production and Projects - Yanzhou Coal Mining Company anticipates an increase in commodity coal production by approximately 13 million tons by 2027, primarily from the Wucaiwan project and existing mines [2][5]. - The Wucaiwan project is scheduled for acceptance in Q1 2026, but initial profit contributions are expected to be limited [2][6]. - New mines, including the Oil Fanghao coal mine, are expected to commence production starting in 2027, contributing an estimated 70 to 80 million tons by 2030-2031 [2][7]. - The Jinjiatan project has experienced delays in approval, with the process now expected to extend until the end of 2027, currently operating at a capacity of 17 million tons [2][8]. Pricing and Cost Management - The company expects the average coal price in 2027 to be higher than in 2025, projected to be in the range of 680 to 750 RMB/ton, maintaining an overall price above 700 RMB/ton [3][22]. - There is a pricing discrepancy in the Shaanxi and Inner Mongolia regions, with downstream customers preferring a pricing model based on government guidance, which differs by approximately 100 RMB/ton from Yanzhou's pricing [2][11]. - Yanzhou aims to achieve a 3% reduction in costs for 2026 and plans to maintain cost levels similar to those of 2025 [2][11]. Strategic Developments - The company plans to start construction of a molybdenum mine in 2026, aiming for production by 2028, with current molybdenum prices around 200,000 RMB/ton, indicating strong future returns [2][13]. - The chemical segment is expected to show slight profitability in Q4 2026, with a stable production outlook for 2026 [4][17]. Capacity and Regulatory Issues - Some regions, such as Shanxi and Inner Mongolia, have seen capacity reductions due to not meeting supply requirements, with an estimated decrease of about 60 million tons, while Shandong remains largely unaffected [2][9][10]. - The company holds approximately 2 million tons of reserve coal in Shandong, with government requirements set at a minimum of 1.65 million tons [2][12]. Future Plans and Shareholder Returns - Yanzhou is currently formulating its dividend policy for 2026 to 2028, considering capital expenditures and regulatory environments [2][15]. - The company has a buyback plan for both A-shares and H-shares, but implementation is pending due to performance blackout periods [2][19]. Additional Insights - The Australian segment is expected to maintain stable production levels, with an anticipated increase of 1 million tons in 2026 [2][18]. - The company has no immediate plans for further coal asset injections, focusing instead on resolving competitive issues through resource integration [2][21].

Core Insights - In the challenging coal market of 2025, Shandong Energy Group Yanzhou Coal Mining Company achieved record-high total product output and is expected to see a year-on-year profit increase of 1.75 billion yuan, effectively countering market pressures in the coal sector [1] Group 1: Safety and Operational Efficiency - Safety is emphasized as the lifeline of chemical production and a prerequisite for profit growth, with the company implementing a comprehensive risk prevention system [2] - The company identified 853 major risks and reduced the number of significant safety incidents by 15% compared to the previous year, significantly enhancing operational stability [2] - Key improvements in production quality, such as the continuous operation of the Lu'nan Chemical A gasification furnace for 246 days at full load, have contributed to operational efficiency [2] Group 2: Technological Upgrades and Cost Reduction - The company completed 32 key technological upgrade projects in 2025, generating a profit of 62.5 million yuan, with an expected annual profit of 236 million yuan once fully operational [4] - Specific projects, such as the energy-saving upgrade of the methanol distillation system, have led to reduced production costs and increased efficiency [4] - The company has implemented various energy-saving measures, resulting in significant cost savings, including 12.3 million yuan from optimizing the boiler feedwater system [4] Group 3: Catalyst Management and Green Development - The optimization of catalyst management has yielded significant benefits, including extending the lifespan of catalysts and increasing production efficiency [5] - The company has successfully recycled 4.6 tons of used catalysts, demonstrating its commitment to green development [5] Group 4: Collaborative Innovation and Digital Transformation - The company has strengthened coal synergy management, with internal coal usage expected to reach 92.1% in 2025, an increase of 18.1% from the previous year [6] - Investment in R&D reached 776 million yuan in 2025, with 29 projects implemented and 65 patents granted, showcasing a commitment to technological innovation [7] - Digital transformation initiatives, such as the implementation of intelligent optimization systems, have significantly improved operational efficiency and stability [7]

Group 1 - The core viewpoint of the article highlights that Yanzhou Coal Mining Company (兖矿能源) has received preliminary approval for an environmental impact assessment for its subsidiary, Yanzhou Lunan Chemical Co., Ltd.'s energy-saving demonstration project for the efficient synthesis of fine chemicals, with a total investment of 5.005 billion yuan [1] - The "A-share Green Report" project, launched by the Daily Economic News in collaboration with the public environmental research center (IPE), aims to enhance the transparency of environmental information from listed companies [1] - The project monitors environmental performance based on authoritative regulatory data from 31 provinces and 337 cities, analyzing and interpreting the data to provide timely updates on environmental risks associated with listed companies [1] Group 2 - The latest issue of the A-share Green Weekly Report (Issue No. 228) indicates that four listed companies have recently exposed environmental risks [1]

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]