股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,961,980,544 | RMB | | 1 RMB | | 5,961,980,544 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,961,980,544 | RMB | | 1 RMB | | 5,961,980,544 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 FF301 1. 由于本公司系在中華人民共和國註册成立，"法定股本"的概念幷不適用。上文第I節所示"法定/註册股本"的信息系指本公司的"註册股本"。 FF301 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,961,980,544 | RMB | | 1 RMB | | 5,961,980,544 | | 增加 / 減少 (-) | | ...

Core Viewpoint - UBS reports that Yanzhou Coal Mining Company (600188)(01171) experienced weak performance in the first half of the year, with net profit declining by 39% year-on-year, indicating a 49% drop in net profit for the second quarter to RMB 2.021 billion [1] Financial Performance - The company declared an interim dividend of RMB 0.18 per share, with a payout ratio of 38%, slightly higher than the 31% from the same period last year [1] - UBS has adjusted its earnings forecasts for Yanzhou Coal Mining upwards by 7% and 6% for the next two years [1] Target Price and Rating - The target price for Yanzhou Coal Mining has been raised from HKD 6.8 to HKD 7, while maintaining a "Sell" rating [1]

Core Viewpoint - UBS reported that Yanzhou Coal Mining Company (01171) experienced weak performance in the first half of the year, with net profit declining by 39% year-on-year, indicating a 49% drop in net profit for the second quarter to 2.021 billion RMB [1] Financial Performance - The company declared an interim dividend of 0.18 RMB per share, with a payout ratio of 38%, slightly higher than the 31% from the same period last year [1] - UBS has adjusted its earnings forecasts for Yanzhou Coal Mining upwards by 7% and 6% for the next two years [1] Target Price and Rating - The target price for Yanzhou Coal Mining has been raised from 6.8 HKD to 7 HKD, while maintaining a "Sell" rating [1]

Core Viewpoint - Yanzhou Coal Mining Company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the coal sector despite some operational improvements and strategic acquisitions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 59.349 billion yuan, a year-on-year decrease of 17.93% [1]. - The net profit attributable to shareholders was 4.652 billion yuan, down 39.38% year-on-year, while the net profit after deducting non-recurring items was 4.430 billion yuan [1]. - For Q2 2025, the company reported a single-quarter operating revenue of 29.037 billion yuan, a decline of 11.13% year-on-year, and a net profit of 1.942 billion yuan, down 49.03% year-on-year [1]. Group 2: Production and Sales - The company saw a steady increase in coal production, achieving a commodity coal output of 73.6 million tons, up 6.54% year-on-year, while coal sales were 64.81 million tons, down 4.51% [2]. - In the chemical products segment, the company produced 4.745 million tons, an increase of 13.47% year-on-year, with sales reaching 4.171 million tons, up 11.32% [2]. Group 3: Strategic Developments - The company completed the acquisition of Northwest Mining in July 2025, adding 6.352 billion tons of coal resources and 3.652 billion tons of recoverable reserves, enhancing its long-term growth potential [2]. - The board proposed a mid-term dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which represents 38.7% of the net profit for the first half of the year, reflecting a commitment to shareholder returns [2]. Group 4: Future Outlook - The company is expected to continue growing towards becoming a "clean energy supplier and world-class enterprise" as production capacity is released and quality assets are injected into the group [2].

Core Viewpoint - Yancoal Energy demonstrates strong anti-cyclical capabilities by increasing coal production and improving chemical segment profitability despite declining coal prices in domestic and international markets [1][3] Coal Production Growth - In the first half of the year, Yancoal Energy achieved a record coal output of 73.6 million tons, a year-on-year increase of 6.5% [1] - The company’s chemical product output reached 4.74 million tons, up 13.5% year-on-year [1] - The overall coal market is characterized by a loose supply-demand balance, leading to price pressures [3] - Yancoal's production from its Shaanxi and Mongolia bases increased by 2.15 million tons and 11% respectively [3] - The company predicts a stable recovery in coal prices, with an expected growth in national electricity consumption of 6% to 8% in the second half of the year [3] Chemical Segment Performance - The chemical segment contributed approximately 1.1 billion yuan to net profit, a year-on-year increase of 9.5 billion yuan [5] - The company has developed numerous coal chemical products over 20 years, effectively hedging against market fluctuations [5] - The chemical industry is expected to maintain a stable performance with good profit margins due to improved demand in manufacturing sectors [5] Strategic Investments and Dividends - Yancoal completed the acquisition of Northwest Mining, adding 6.4 billion tons of resource volume and 3.7 billion tons of recoverable reserves [4] - The company plans to distribute an interim cash dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which accounts for 40% of the net profit for the first half of 2025 [6] - A share buyback plan is also in place, with an allocation of 50 million to 100 million yuan for A-shares and 150 million to 400 million yuan for H-shares [6]

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].

公司报告 | 半年报点评 兖矿能源（600188） 证券研究报告 煤炭量价齐跌致业绩承压，中报分红+回购回馈股东 公司发布 2025H1 业绩，2025H1 归母净利润同比-38.5% 公司发布 2025 年中报，2025H1 公司实现营业收入 593.5 亿元，同比-17.9%； 实现归母净利润 46.5 亿元，同比-38.5%；实现扣非归母净利润 44.3 亿元， 同比-39.3%；单 Q2 看，实现营业收入 290.4 亿元，环比-4.2%，实现归母 净利润 19.4 亿元，环比-28.3%，实现扣非归母净利润 17 亿元，环比-37.7%。 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 煤炭业务：2025H1 公司商品煤产/销量为7360/6481 万吨，同比+6.5%/-4.5%， 其中自产煤/贸易煤销量 6234/247 万吨，同比-2.2%/-40%；2025H1 公司商 品 煤 / 自 产 煤 / 贸 易 煤 单 吨 售 价 532/529/593 元 / 吨，同比 -23.8%/-20.7%/-49%，商品煤/自产煤/贸易煤单吨成本 367/362/507 元/吨， 同比-14% ...