下半年，公司将积极应对市场变化，科学合理优化生产组织，坚定不移释放优势产能;全面加强成本管 理，最大限度挖潜降本增效;拓展营销增值渠道，持续挖掘价值创造潜能，为广大投资者创造良好价值 回报。 智通财经APP讯，兖矿能源(01171)公布，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，与上年同期相比，减少人民币29亿元左右，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，与上年同期相比，减少人民币29亿元 左右，同比减少39%左右。 报告期内，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 体宽鬆，煤价较同期大幅下降，影响归母净利润同比减少。 ...

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) 內幕消息 2025年半年度業績預减公告 本公告乃兗礦能源集團股份有限公司（「本公司」）根據《證券及期貨條例》第XIVA部以及《香港 聯合交易所有限公司證券上市規則》第13.09(2)(a)及13.10B條的披露義務而作出。 一、本期業績預告情况（按中國會計準則計算） （一） 業績預告期間 2025年1月1日至2025年6月30日。 報告期內，本公司優化生產組織擴能增量，主要產品產能高效釋放，挖潜增效精准發力，成本 管控取得良好效果，化工業務實現較好協同增盈，一定程度上對沖了煤炭價格周期性下行影響。 但由於煤炭供需總體寬鬆，煤價較同期大幅下降，影響歸母淨利潤同比减少。 下半年，本公司將積極應對市場變化，科學合理優化生產組織，堅定不 ...

Core Viewpoint - Yanzhou Coal Mining Company expects a significant decline in net profit for the first half of 2025, primarily due to a substantial drop in coal prices and a relaxed supply-demand balance in the coal market [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 4.65 billion yuan for the first half of 2025, representing a decrease of about 2.9 billion yuan or 38% compared to the same period last year [1] - The expected net profit, excluding non-recurring gains and losses, is around 4.4 billion yuan, which is a reduction of approximately 2.9 billion yuan or 39% year-on-year [1] Market Conditions - The primary reason for the profit decline is the significant decrease in coal prices year-on-year, influenced by a relaxed supply-demand situation in the coal market [1] Mitigation Strategies - The company has implemented measures such as optimizing production organization, releasing capacity, enhancing cost control, and improving synergy in its chemical business to partially offset the impact of falling coal prices [1]

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant year-on-year decline in H1 2025 net profit attributable to shareholders to approximately 4.65 billion CNY, a 38% decrease H1 2025 Performance Forecast (vs. Prior Year) | Metric | H1 2025 (Estimated) | H1 2024 (Statutory Disclosure) | Year-on-Year Change (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Approx. 4.65 billion | 7.6 billion | Decrease of approx. 2.9 billion | Decrease of approx. 38% | | Non-recurring Net Profit Attributable to Shareholders | Approx. 4.4 billion | 7.3 billion | Decrease of approx. 2.9 billion | Decrease of approx. 39% | - The company consolidated Shandong Energy Group Northwest Mining Co., Ltd. ("Northwest Mining") in July 2025 and will retrospectively adjust financial data for prior years and from January 2025[3](index=3&type=chunk)[9](index=9&type=chunk) [Prior Period Performance](index=2&type=section&id=Item%20II.%20Prior%20Period%20Performance) The company disclosed H1 2024 performance as a benchmark, with net profit attributable to shareholders at 7.6 billion CNY, and retrospectively adjusted prior period EPS due to stock dividends H1 2024 Performance Review | Metric | Amount/Value | | :--- | :--- | | Net Profit Attributable to Shareholders | 7.6 billion CNY | | Non-recurring Net Profit Attributable to Shareholders | 7.3 billion CNY | | Retrospectively Adjusted EPS | 0.79 CNY/share | [Analysis of Performance Change Reasons](index=2&type=section&id=Item%20III.%20Reasons%20for%20Current%20Period%20Performance%20Change) The significant year-on-year performance decline is primarily due to loose coal market supply and demand, leading to a substantial drop in coal prices, partially offset by operational optimizations and cost controls - The performance decline is primarily attributed to overall loose coal supply and demand, resulting in a significant year-on-year decrease in coal prices[7](index=7&type=chunk) - The company partially mitigated the impact of falling coal prices through optimized production, precise efficiency improvements, enhanced cost control, and synergistic gains from chemical operations[7](index=7&type=chunk) - The company plans to actively respond to market changes in H2 by leveraging advantageous capacity, strengthening cost management, and expanding marketing channels to create shareholder value[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Item%20IV.%20Risk%20Warning) The company confirms no material uncertainties exist that would affect the accuracy of this performance forecast as of the announcement date - The company confirms there are currently no material uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanations](index=3&type=section&id=Item%20V.%20Other%20Explanations) The company emphasizes that the forecast data is preliminary, with final figures subject to the official H1 2025 report, and confirms the July 2025 acquisition of Northwest Mining, requiring retrospective financial adjustments - The performance data disclosed is preliminary, with final results subject to the official semi-annual report[9](index=9&type=chunk) - The company completed the acquisition of **51% equity** in Northwest Mining on July 11, 2025, and will consolidate its financial statements from July, with retrospective adjustments in the Q3 report[9](index=9&type=chunk)

报告期内，兖矿能源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讯，兖矿能源(600188.SH)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46.5亿元，与上年同期(法定披露数据)相比，减少29亿元左右，同比减少38%左右。 ...

格隆汇8月13日丨据兖矿能源公告，按中国会计准则初步测算，兖矿能源集团股份有限公司预计2025年 半年度实现归属于上市公司股东的净利润约46.5亿元，与上年同期数据相比，减少约29亿元或38%；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44亿元，与上年同期数据相 比，减少约29亿元或39%。 ...

Core Insights - Yanzhou Coal Mining Company (兖矿能源) expects a net profit attributable to shareholders of approximately 4.65 billion yuan for the first half of 2025, representing a decrease of about 2.9 billion yuan compared to the same period last year, which is a year-on-year decline of approximately 38% [1] Company Summary - The overall supply and demand for coal during the reporting period is relatively loose, leading to a significant decline in coal prices compared to the same period last year [1]

报告期内，兖矿能源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。下半年，公司将积极应对市场变化，科 学合理优化生产组织，坚定不移释放优势产能；全面加强成本管理，最大限度挖潜降本增效；拓展营销 增值渠道，持续挖掘价值创造潜能，为广大投资者创造良好价值回报。 格隆汇8月13日丨兖矿能源(600188.SH)公布，1.经公司财务部门初步测算，本公司预计2025年半年度实 现归属于上市公司股东的净利润约46.5亿元，与上年同期（法定披露数据）相比，减少29亿元左右，同 比减少38%左右；2.经公司财务部门初步测算，本公司预计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44亿元，与上年同期（法定披露数据）相比，减少29亿元左右，同比减少 39%左右。 ...

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" and is maintained [9]. Core Views - The report highlights that Yanzhou Coal Mining Company is positioned to benefit from the recent stabilization of coal prices and the potential for price increases, driven by supply constraints in the coal market. The company exhibits both defensive and offensive characteristics, making it an attractive investment opportunity [2][6]. Summary by Sections Current Market Conditions - The report notes that the coal price has rebounded, with the port price for thermal coal reaching 688 RMB/ton as of August 12, an increase of 67 RMB/ton (+11%) since early July. This price recovery is attributed to ongoing supply tightening in the coal market [6]. Investment Logic - The investment logic for Yanzhou Coal Mining Company is based on several factors: 1. High proportion of spot sales allows the company to benefit significantly from price increases. 2. The company has a unique growth profile characterized by both organic growth and external acquisitions. 3. The significant discount of H-shares compared to A-shares enhances the investment value, particularly with a high dividend yield [2]. Sales and Profitability - Yanzhou Coal Mining Company has a high proportion of spot sales, with 52% of its self-produced coal sales being thermal coal, most of which is not under long-term contracts. This results in a higher earnings elasticity compared to other major coal producers. A 100 RMB/ton increase in thermal coal prices could potentially increase the company's earnings by approximately 5.3 billion RMB, representing a 56% increase in expected earnings for 2025 [12][14]. Growth Strategy - The company aims to achieve a coal production target of 300 million tons per year within 5-10 years. In 2024, the company produced 142 million tons of commodity coal, with plans for significant capacity expansions through both internal projects and acquisitions. The expected increase in coal production capacity is projected to be around 49.8 million tons per year [12][14]. Dividend Policy - Yanzhou Coal Mining Company has committed to a minimum dividend payout ratio of 60% from 2023 to 2025, with a projected dividend yield of 5.7% for H-shares in 2025. This high dividend yield is a key attraction for investors [12][17]. Financial Forecast - The company is expected to achieve a net profit of 9.5 billion RMB in 2025, translating to a price-to-earnings (PE) ratio of 14.2x based on the closing price on August 12. The estimated dividend yield based on the 2024 payout ratio is 3.8% [12][25].

Group 1 - The coal stocks have shown significant gains, with Mongolian Coking Coal rising by 3.69% to HKD 8.42, China Coal Energy up by 2.85% to HKD 10.47, Yanzhou Coal Mining increasing by 2.85% to HKD 9.75, and China Shenhua Energy rising by 2.78% to HKD 37.6 [1] - According to a report from Founder Securities, the tightening of supply in the coal industry has become an investment theme, with the oversupply situation expected to gradually reverse, leading to a potential increase in coal prices [1] - As temperatures rise and electricity generation from thermal power plants increases, the average daily coal consumption at thermal power plants is rapidly increasing, indicating a potential improvement in the coal supply-demand balance [1] Group 2 - Guotai Junan believes that the impact of warm winter weather on total demand has passed, and electricity consumption is rapidly recovering, with coal demand starting to grow by over 1% since May [2] - The recent statements from the National Energy Administration regarding the "anti-involution" in the coal industry, combined with the pressure on profitability at the price level of 650 CNY/ton, are expected to constrain production, leading to a stable but declining total supply [2] - The combination of reduced imports and the current supply-demand fundamentals suggests that the bottom of the coal market may have been reached [2]