Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 30.31 billion yuan in Q1 2025, a year-on-year decrease of 23.5% and a quarter-on-quarter decrease of 6.7% [1] - The net profit attributable to the parent company was 2.71 billion yuan, down 27.9% year-on-year and down 10.3% quarter-on-quarter [1] - The coal business is on track to reach a production capacity target of 300 million tons [4] - The chemical business is experiencing a recovery in gross profit, with ongoing advancements in high-end chemical new materials [3] Summary by Sections Coal Business - The company reported a coal production of 36.8 million tons in Q1 2025, an increase of 6.3% year-on-year and a slight increase of 0.3% quarter-on-quarter [9] - The self-produced coal sales volume was 30.49 million tons, down 3.0% year-on-year and down 9.1% quarter-on-quarter [9] - The average selling price of coal (excluding trade) was 545 yuan per ton, a decrease of 14.4% quarter-on-quarter and 18.5% year-on-year [9] - The comprehensive cost of coal was 318 yuan per ton, a decrease of 0.8% quarter-on-quarter and a decrease of 12.9% year-on-year [9] - The company is progressing with several projects to increase coal production capacity, including the Shandong Wanfeng coal mine and the Xinjiang Wucaiwan open-pit mine [9] Chemical Business - The company produced 2.41 million tons of chemical products in Q1 2025, an increase of 11.6% year-on-year and an increase of 8.3% quarter-on-quarter [9] - The sales volume of chemical products was 2.02 million tons, up 7.3% year-on-year and up 1.3% quarter-on-quarter [9] - The comprehensive selling price of chemical products was 3,122 yuan per ton, down 6.2% year-on-year but up 6.2% quarter-on-quarter [9] - The gross profit margin for chemical products increased by 29.4% year-on-year and 16.5% quarter-on-quarter, reaching 723 yuan per ton [9] Financial Projections - The company plans to produce 155-160 million tons of commercial coal and 8.6-9 million tons of chemical products in 2025 [10] - The projected net profit attributable to the parent company for 2025-2027 is 9.9 billion, 11.9 billion, and 13.7 billion yuan, respectively, with corresponding P/E ratios of 12.6X, 10.5X, and 9.1X [10] - The company aims to reduce the sales cost per ton of coal by 3% year-on-year and to lower the debt-to-asset ratio to below 60% [10]

证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 兖矿能源（600188.SH） 化工业务毛利回升，煤炭业务向"3 亿吨"产能目标继续迈进 公司发布 2025 年 Q1 业绩公告。2025Q1 公司实现营业收入 303.1 亿元， 同比-23.5%，环比-6.7%；归母净利润 27.1 亿元，同比-27.9%，环比- 10.3%。 煤炭业务：产量增长、毛利下行，成长可期。 化工：产销增长，毛利回升，高端化工新材料持续推进。 向"3 亿吨"产能目标继续迈进。 多元矿业发展，夯实"资源为王"。公司积极布局多矿种领域，在加拿大 拥有 6 个钾盐采矿权，探明优质氯化钾资源量 17 亿吨；拟建设内蒙古曹 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 煤炭开采 | | 前次评级 | 买入 | | 04 月 25 日收盘价（元） | 12.43 | | 总市值（百万元） | 124,795.46 | | 总股本（百万股） | 10,039.86 | | 其中自由流通股（%） | 99.60 | | 30 日日均成交量（百万股） | 25.27 ...

Core Viewpoint - Yancoal Energy reported a steady performance in Q1 2025, achieving revenue of 30.3 billion and a net profit of 2.71 billion, despite challenges in the macroeconomic environment and coal market fluctuations [1][2] Group 1: Financial Performance - The company accelerated the release of its advantageous production capacity, resulting in a coal output of 36.8 million tons, an increase of 2.17 million tons year-on-year [1] - The chemical segment produced 2.41 million tons of chemical products, contributing an additional profit of 440 million year-on-year [1] - The cost of self-produced coal sales decreased to 318 yuan per ton, a reduction of 13.8% year-on-year, while the unit sales costs for methanol and acetic acid decreased by 16.4% and 14.7% respectively [1] Group 2: Strategic Initiatives - Yancoal Energy announced the acquisition of high-quality coal assets from its controlling shareholder, Shandong Energy Group, which is expected to contribute over 1.1 billion in net profit in 2025 and increase coal resources by 7.305 billion tons [2] - The acquisition will also add approximately 30 million tons to the company's coal output, bringing the total annual output to between 180 million and 190 million tons [2] - The company anticipates improved coal supply and demand dynamics in Q2 2025, driven by macroeconomic policy effects and seasonal demand increases [2]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-029 兖矿能源集团股份有限公司 第九届监事会第十一次会议决议公告 本公司监事会及全体监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 担个别及连带责任。 兖矿能源集团股份有限公司（"公司"）第九届监事会第十一次会 议通知于 2025 年 4 月 17 日以书面送达或电子邮件形式发出，会议于 2024 年 4 月 25 日在山东省公司总部召开。会议应出席监事 3 名，实 际出席监事 3 名，符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 经出席会议监事一致同意，会议形成以下决议： 一、审议通过公司《2025 年第一季度报告》； 二、审议通过《关于修改<公司章程>及相关议事规则暨取消监事 会的议案》。 兖矿能源集团股份有限公司监事会 2025 年 4 月 25 日 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-028 兖矿能源集团股份有限公司 第九届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 兖矿能源集团股份有限公司（"兖矿能源""公司"）第九届董事 会第十六次会议，于 2025 年 4 月 25 日在山东省邹城市公司总部以通 讯方式召开，应出席董事 10 名，实际出席董事 10 名。公司董事长召 集和主持会议，会议的召集召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 本次会议通知和材料已分别于 2025 年 4 月 10 日、2025 年 4 月 20 日以书面或电子邮件形式送达公司董事。 二、董事会会议审议情况 （一）批准公司《2025 年第一季度报告》，根据上市地监管要求 公布未经审计的 2025 年第一季度业绩； （同意 10 票、反对 0 票、弃权 0 票） 公司《2025 年第一季度报告》经董事会审计委员会认可并同意 提交董事会审议。 （二）批准公司取消监事会设置，现任监事职 ...

兖矿能源集团股份有限公司 章程 | | | | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 5 | | 第四章 | 股份增减和回购 7 | | 第五章 | 股东 9 | | 第六章 | 控股股东和实际控制人 12 | | 第七章 | 股东会 13 | | 第一节 | 股东会一般规定 13 | | 第二节 | 股东会的召集 16 | | 第三节 | 股东会提案及通知 17 | | 第四节 | 出席会议股东资格 19 | | 第五节 | 股东会的召开 20 | | 第六节 | 股东会表决和决议 21 | | | 第七节网络投票 26 | | 第八章 | 董事和董事会 27 | | 第一节 | 董事 27 | | 第二节 | 独立董事 28 | | 第三节 | 董事会 32 | | 第四节 | 董事会专门委员会 39 | | 第九章 | 公司董事会秘书 42 | | 第十章 | 高级管理人员 42 | | 第十一章 | 公司董事、高级管理人员的资格和义务 46 | | 第十二章 | 财务会计制度、利润分配与内部审计 49 | | 第十三章 | ...

兖矿能源集团股份有限公司 股东会议事规则 (拟提交公司 2024 年度股东周年大会审议批准) 目 录 第一章 总则 第二章 股东会职权 第三章 股东会召集 第四章 出席会议股东资格 第五章 股东会提案与通知 第六章 股东会的召开 第七章 审议提案 第八章 会议表决 第九章 会议决议披露 第十章 会议记录 第十一章 附则 第一章 总则 第一条 为规范公司股东会运作，保证股东会召集、召 开、决议程序的合法性，提高股东会议事效率，保障股东 合法权益，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、中国证监会《上市公司股东会规则》、《上 市公司治理准则》等法律、行政法规、部门规章、规范性 文件及公司章程的规定，特制定本规则。 第二条 上市公司股东会的召集、提案、通知、召开等 事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及 公司章程的相关规定召开股东会,保证股东能够依法行使 权利。 公司董事会应当切实履行职责,认真、按时组织股东 会。公司全体董事应当勤勉尽责,确保股东会正常召开和依 法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范 围内行使职权。 第五条 公司股东会召开地点一 ...

兖矿能源集团股份有限公司 董事会议事规则 (拟提交公司 2024 年度股东周年大会审议批准) 1 目 录 2 第一章 总则 第二章 董事会职权 第三章 董事长职权 第四章 独立董事的特别职权 第五章 董事的义务与责任 第六章 董事会的下设机构 第七章 董事会日常工作 第八章 董事会会议制度 第九章 董事会议事程序 第十章 董事会决议的信息披露 第十一章 董事会会议记录 第十二章 附则 第一章 总则 第一条 为确保兖矿能源集团股份有限公司（以下简称"公 司"）董事会高效运作和科学决策，规范董事会及内部机构运作 程序，发挥董事会的经营决策中心作用，依据《中华人民共和国 公司法》《上市公司治理准则》等境内外上市地监管法规和公司 章程规定，结合公司实际，制定本议事规则。 第二条 董事会是公司的经营决策主体，定战略、作决策、防 风险，依照法定程序和公司章程行使对公司重大问题的决策权， 并加强对经理层的管理和监督。 董事对公司负有忠实和勤勉尽责义务，应当维护股东和公司 的利益，保证以足够的时间和精力履行各项工作职责。 第三条 公司党委发挥领导作用，把方向、管大局、保落实， 依照规定讨论和决定公司重大事项。重大经营管理事项 ...

Financial Performance - For Q1 2025, the company reported operating revenue of RMB 30.31 billion, a decrease of RMB 9.33 billion or 23.5% year-on-year[4]. - Net profit attributable to shareholders was RMB 2.71 billion, down RMB 1.05 billion or 27.9% compared to the same period last year[4]. - The net cash flow from operating activities was RMB 3.66 billion, reflecting a decline of 32.98% year-on-year[5]. - Basic earnings per share decreased by 31.31% to RMB 0.27, while diluted earnings per share also fell by 31.10%[5]. - Total operating revenue for Q1 2025 was CNY 30,311,901, a decrease of 23.5% compared to CNY 39,638,127 in Q1 2024[48]. - Net profit for Q1 2025 was CNY 3,751,850, a decline of 30.5% from CNY 5,399,189 in Q1 2024[49]. - Earnings per share for Q1 2025 were CNY 0.2699, compared to CNY 0.3929 in Q1 2024, reflecting a decrease of 31.2%[50]. - The company reported a net loss attributable to the parent company of RMB -222,580 thousand for Q1 2025, compared to a profit of RMB 739,077 thousand in Q1 2024, indicating a significant decline in profitability[63]. Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 366.77 billion, representing a 2.29% increase from the end of the previous year[5]. - Current assets totaled 105.457 billion RMB as of March 31, 2025, compared to 97.355 billion RMB at the end of 2024, reflecting a growth of approximately 8.6%[42][43]. - Total liabilities stood at 229.549 billion RMB as of March 31, 2025, compared to 225.544 billion RMB at the end of 2024, indicating a slight increase[44]. - The company reported a total current liabilities of 120.391 billion RMB as of March 31, 2025, compared to 117.202 billion RMB at the end of 2024[44]. - The company's total liabilities decreased to 147,339,421 thousand RMB from 149,881,959 thousand RMB[59]. Shareholder Information - As of March 31, 2025, Shandong Energy Group Co., Ltd. holds 5,303,899,421 shares, representing 52.83% of the total share capital[17]. - The total number of ordinary shareholders at the end of the reporting period is 146,091[15]. - The top ten shareholders include Shandong Energy Group Co., Ltd. and Hong Kong Central Clearing Limited, holding 52.83% and 31.50% of shares respectively[15]. - The major shareholders do not include any other individuals outside of the company's directors or senior management[19]. - The total number of shareholders with voting rights restored for preferred shares is 0[15]. Production and Sales - In Q1 2025, the company's coal production reached 36,802 thousand tons, an increase of 6.26% compared to 34,635 thousand tons in Q1 2024[23]. - The total coal sales volume in Q1 2025 was 31,426 thousand tons, a decrease of 8.07% from 34,184 thousand tons in Q1 2024[23]. - The chemical products production in Q1 2025 was 2,414 thousand tons, up 11.59% from 2,164 thousand tons in Q1 2024[23]. - The electricity generation in Q1 2025 was 179,270 million kWh, down 8.79% from 196,551 million kWh in Q1 2024[23]. - The sales revenue from coal business in Q1 2025 was 17.322 billion yuan, a decrease of 30.3% from 75.32 billion yuan in Q1 2024[26]. - The average selling price of coal in Q1 2025 was 639.32 yuan/ton, down from 807.57 yuan/ton in Q1 2024[26]. - The total sales volume of coal chemical products in Q1 2025 was 2,018 thousand tons, compared to 1,881 thousand tons in Q1 2024[30]. Cash Flow and Investments - The company experienced a significant decline in cash flow due to lower sales prices of coal and other main products, resulting in a net cash flow of RMB 3.57 billion after adjustments[6]. - The net cash flow from investing activities for the period was -3,552,473 thousand RMB, slightly improved from -3,928,203 thousand RMB in the previous period[54]. - The cash inflow from financing activities was 18,847,689 thousand RMB, down from 25,776,767 thousand RMB in the previous period[54]. - The company reported cash inflow from investment activities of RMB 5,182,879 thousand in Q1 2025, a significant increase from RMB 2,997,069 thousand in Q1 2024[66]. Management and Corporate Governance - The company appointed new senior management, including two deputy general managers and a safety director, effective from April 8, 2025[35]. - The company modified its articles of association to eliminate the supervisory board and enhance the audit committee's functions, pending shareholder approval[39]. - The company plans to sign a continuous related transaction agreement with Shandong Energy for the years 2025-2027, which is subject to shareholder approval[38]. - The company confirmed a long-term investment strategy with Shandong Energy, which includes financial service agreements for the upcoming years[38].