高盛发布研报称，兖矿能源（600188）(01171)上半年纯利同比跌39%至47.3亿元人民币，剔除主要由于 减损和资产处置等一次性支出，经常性净利润为46.5亿元人民币，较去年同期下降39%，低于预期。中 期每股股息派0.18元人民币，派息率达38%。该行指，将兖矿能源今年及明年盈利预测分别下调7.8%及 9.5%，2027年则维持大致上不变，同时将目标价由7港元上调至7.8港元，维持其评级为"中性"。 ...

天风证券研报指出，兖矿能源2025H1实现归母净利润46.5亿元，同比-38.5%；单Q2看，实现归母净利 润19.4亿元，环比-28.3%。自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善。单Q2来 看，公司商品煤产/销量为3680/3339万吨，环比-0.02%/+6.2%，其中自产煤/贸易煤销量3185/153万吨， 环比+4.5%/+64.1%。公司拟中报分红+回购回馈股东，未来公司业绩有望受煤价触底反弹驱动，叠加公 司煤炭产能增量逐渐释放，维持"买入"评级。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The coal price has been stabilizing after a downward trend, with significant declines in performance metrics observed in the first half of 2025. The coal sector reported a revenue of CNY 548.55 billion, down 19.5% year-on-year, and a net profit of CNY 52.76 billion, down 31.6% year-on-year [2][51]. - The report suggests that the bottom of coal enterprise profits is becoming apparent, indicating potential opportunities for recovery in the sector, especially as the market enters a phase of policy effect verification [9]. Summary by Sections Operating Conditions - In the first half of 2025, the coal sector's revenue was CNY 548.55 billion, a decrease of 19.5% year-on-year, with a net profit of CNY 52.76 billion, down 31.6% year-on-year. In Q2 2025, revenue was CNY 269.17 billion, down 19.6% year-on-year and 3.7% quarter-on-quarter, with a net profit of CNY 24.12 billion, down 35.5% year-on-year and 15.8% quarter-on-quarter [2][51]. Thermal Coal - The thermal coal segment saw a revenue of CNY 434.9 billion in the first half of 2025, a decline of 17% year-on-year. The average price for Q2 2025 was CNY 632 per ton, down 26% year-on-year and 12% quarter-on-quarter [7][6]. - The segment's net profit was CNY 51 billion, down 28% year-on-year, with a profit margin of 30.5% [7]. Coking Coal - The coking coal segment reported a revenue of CNY 831 billion in the first half of 2025, down 29% year-on-year. The average price for Q2 2025 was CNY 1,315 per ton, down 37% year-on-year and 9% quarter-on-quarter [8][6]. - The segment's net profit was CNY 31 billion, down 65% year-on-year [8]. Investment Recommendations - The report highlights potential recovery opportunities in the coal sector, recommending companies such as Yancoal Energy, Jinneng Holding, and China Shenhua Energy for their strong fundamentals and growth potential [9].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company's performance is under pressure due to a decline in both coal prices and production volumes, resulting in a year-on-year decrease of 38.5% in net profit for the first half of 2025 [1] - The company plans to distribute a cash dividend of RMB 0.18 per share and initiate a share buyback program to return value to shareholders [3] - Future performance is expected to improve as coal prices stabilize and production capacity gradually increases, leading to a maintained "Buy" rating [4] Financial Performance Summary - For the first half of 2025, the company reported operating revenue of RMB 59.35 billion, down 17.9% year-on-year, and a net profit attributable to shareholders of RMB 4.65 billion, down 38.5% year-on-year [1] - The coal business saw a production and sales volume of 73.6 million and 64.81 million tons respectively, with a decrease in sales price for various coal types [2] - The company’s coal chemical segment showed a positive trend with a gross profit contribution of RMB 3.1 billion, up 29.2% year-on-year [2] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of RMB 8.94 billion, RMB 9.65 billion, and RMB 10.69 billion respectively, reflecting a decline in 2025 followed by growth in subsequent years [4] - The earnings per share (EPS) are projected to be RMB 0.89, RMB 0.96, and RMB 1.07 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 14.5, 13.5, and 12.2 [4][5]

Group 1 - The core viewpoint of the article highlights the positive performance of coal stocks in Hong Kong, particularly Yancoal Energy, which saw a rise of over 4% following its earnings report [1] - Yancoal Energy reported a revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan for the first half of 2025 [1] - The company announced a cash dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which represents approximately 40% of its net profit for the first half of 2025 [1] Group 2 - Yancoal Energy also introduced a share buyback plan, intending to spend between 50 million to 100 million yuan on A-shares and 150 million to 400 million yuan on H-shares [1] - The controlling shareholder, Shandong Energy, made a commitment to "not reduce holdings + appropriate increase in holdings," indicating confidence in the company's future [1] - Looking ahead to the second half of the year, multiple positive factors are emerging, including increased coal consumption due to high temperatures and a potential recovery in coal prices supported by government policies [1]

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) reported a decline in sales revenue and net profit for the first half of 2025, but the stock price increased by over 4% due to positive market sentiment and future growth prospects from recent acquisitions [1]. Financial Performance - Sales revenue for the first half of 2025 was 53.966 billion RMB, a year-on-year decrease of 13.17% [1]. - Shareholder profit attributable to the company was 4.731 billion RMB, down 38.7% year-on-year [1]. - The board proposed an interim dividend of 0.18 RMB per share (including tax), totaling 1.8 billion RMB in dividends [1]. Share Buyback and Shareholder Commitment - The company plans to spend 0.5 to 1 billion RMB on repurchasing A-shares and 1.5 to 4 billion RMB on repurchasing H-shares [1]. - The controlling shareholder has committed to "no reduction in holdings and timely increase in holdings" [1]. Acquisition and Resource Expansion - The acquisition of Northwest Mining added 6.352 billion tons of coal resources and increased recoverable reserves by 3.652 billion tons [1]. - The company produces various types of coal, including thermal coal, injection coal, and coking coal, to meet diverse market demands [1]. Future Outlook - According to Minsheng Securities, the consolidation of Northwest Mining in Q3 2025, along with a rebound in coal prices in the second half of the year, is expected to improve the company's performance [1].

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) reported a decline in sales revenue and net profit for the first half of 2025, but the stock price increased by over 4% due to positive market sentiment and future growth prospects from acquisitions and planned share buybacks [1]. Financial Performance - Sales revenue for the first half of 2025 was 53.966 billion RMB, a decrease of 13.17% year-on-year [1]. - Shareholder profit attributable to the company was 4.731 billion RMB, down 38.7% compared to the previous year [1]. - The board proposed an interim dividend of 0.18 RMB per share, totaling 1.8 billion RMB in dividends [1]. Share Buyback and Shareholder Commitment - The company plans to repurchase A-shares with an investment of 50 to 100 million RMB and H-shares with an investment of 150 to 400 million RMB [1]. - The controlling shareholder has committed to "no reduction in holdings and timely increase in holdings" [1]. Acquisition and Resource Expansion - The acquisition of Northwest Mining added 6.352 billion tons of coal resources and increased the recoverable reserves by 3.652 billion tons [1]. - The company produces various types of coal, including thermal coal, injection coal, and coking coal, to meet diverse market demands [1]. Future Outlook - According to Minsheng Securities, the consolidation of Northwest Mining in Q3 2025, along with a rebound in coal prices in the second half of the year, is expected to improve the company's performance [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decrease in revenue and net profit for the first half of 2025, with revenue at 59.349 billion yuan, down 17.93% year-on-year, and net profit at 4.652 billion yuan, down 38.53% year-on-year [1] - The company has announced a mid-term dividend plan, proposing a cash dividend of 0.18 yuan per share, totaling 1.807 billion yuan, with a cash dividend ratio of 38.84% [4] - The company is expected to see significant sales growth in its Australian operations in Q3 2025 [2] Financial Performance - For H1 2025, the company's coal production reached 73.6 million tons, an increase of 6.5% year-on-year, while self-produced coal sales decreased by 2.2% [8] - The average selling price of coal for H1 2025 was 530 yuan per ton, down 20.7% year-on-year, while the comprehensive cost was 295 yuan per ton, down 27.3% year-on-year [8] - The chemical segment showed a production increase of 13.5% year-on-year in H1 2025, with a comprehensive gross profit of 733 yuan per ton, up 16.0% year-on-year [8] Future Outlook - The company maintains its profit distribution policy, expecting to increase cash dividends in the second half of 2025 [4] - The company forecasts net profits of 9.891 billion yuan, 11.857 billion yuan, and 13.709 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.1X, 11.0X, and 9.5X [9][10]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兖矿能源(600188) 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 量增本降经营显韧性，并购落地成长启新篇 [Table_ReportDate] 2025 年 8 月 31 日 [Table_S 事件：2025 ummar年y]8 月 29 日，兖矿能源发布中期报告，2025 年上半年公司实 现营业收入 593.49 亿元，同比下降 17.93%，实现归母净利润 46.52 亿元， 同比下降 39.38%；扣非后净利润 44.30 ...

据证券之星公开数据整理，近期兖矿能源（600188）发布2025年中报。根据财报显示，兖矿能源净利润 同比下降38.53%。截至本报告期末，公司营业总收入593.49亿元，同比下降17.93%，归母净利润46.52 亿元，同比下降38.53%。按单季度数据看，第二季度营业总收入290.37亿元，同比下降11.13%，第二季 度归母净利润19.42亿元，同比下降49.03%。 财务报表中对有大幅变动的财务项目的原因说明如下： 一年内到期的非流动资产变动幅度为-51.16%,原因:山能财司发放的贷款和垫款比年初减少。 短期借款变动幅度为150.94%,原因:本集团新增短期借款。 长期应付款变动幅度为40.27%,原因:应付采矿权价款比年初增加41.77亿元。 经营活动产生的现金流量净额变动幅度为7.48%,原因:销售商品、提供劳务收到的现金同比减少154.21亿 元；购买商品、接受劳务支付的现金同比减少55.91亿元；支付的各项税费同比减少30.34亿元。 投资活动产生的现金流量净额变动幅度为-114.79%,原因:收回投资收到的现金同比减少11.05亿元；支付 其他与投资活动有关的现金同比增加25.83亿元。 ...