格隆汇9月1日｜港股煤炭股普遍上涨，其中，兖矿能源绩后涨超4%，中国神华涨超3%，南南资源涨 1.6%，兖煤澳大利亚、中煤能源涨1%。 消息上，兖矿能源8月29日晚间发布2025年半年报，报告期内，实现营业收入593.49亿元，归母净利润 46.52亿元。持续进行中期分红，拟现金分红0.18元/股，总额18亿元，约占2025年上半年归母净利润的 40%。同时，该公司推出回购计划，拟出资0.5亿元—1亿元回购A股股份、1.5亿元—4亿元回购H股股 份。此外，控股股东山东能源作出"不减持+适时增持"承诺，彰显发展信心。 展望下半年，多重积极因素逐步显现。从行业端来看，6月底以来，随着国内高温扩散，电厂日耗增 加，煤价筑底反弹。兖矿能源表示，在政府"反内卷"、查超产的政策支持下，下半年煤炭市场供需关系 有望边际改善，煤炭价格修复性回升。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01171 | 充矿能源 | 9.410 | 3.98% | | 01088 | 中国神农 | 35.980 | 3.15% | | 01229 | 南南资源 | ...

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].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 兖矿能源（600188.SH） 成长、弹性兼备，回购+分红价值可期 公司发布 2025 半年度业绩公告。2025H1 营业收入 593.49 亿元，同比减 少 17.93%；归母净利润 46.52 亿元，同比减少 38.53%。2025Q2 营业收 入 290.37 亿元，同比减少 11.13%，环比减少 4.21%；归母净利润 19.42 亿元，同比减少 49.03%，环比减少 28.34%。 煤炭业务：新建矿井产量稳步释放，澳洲 Q3 销量有望出现较大增幅。 化工：Q2 产量同比稳增，持续降本提效。 发布中期分红方案，每股股利 0.18 元。2025 年 8 月 29 日发布《2025 年 半年度利润分配方案公告》，宣布拟派发半年度现金股利 0.18 元/股，合 计现金分红 18.07 亿元，测算现金分红比例为 38.84%，以 8 月 29 日收 盘价为基础，测算 A/H 年化股息率为 2.78%/4.36%。公司现行 23-25 年 利润分配政策为现金股利总额应占扣除法定储备后净利润的约 60%，且 每股股利不低 ...

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。 ...

Group 1 - The core point of the article is that Huaju Energy plans to invest 253.6 million yuan to subscribe for 180 million yuan of new registered capital in a power sales company [1] Group 2 - The investment by Huaju Energy indicates a strategic move to enhance its position in the energy sector [1] - The additional registered capital may facilitate the power sales company's operational expansion and financial stability [1]

Core Viewpoint - Yancoal Energy reported strong performance in the first half of 2025, achieving a record high in coal production despite industry-wide price declines, showcasing its resilience and operational efficiency [1][2]. Financial Performance - The company achieved operating revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan in the first half of 2025 [1]. - Yancoal plans to distribute a cash dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which represents approximately 40% of its net profit for the period [1]. Production and Capacity - Yancoal's coal production reached a historical high of 73.6 million tons in the first half of 2025, an increase of 4.52 million tons or 6.54% year-on-year [1][2]. - The increase in production was primarily driven by the advantages of its Shaanxi-Mongolia and Australian bases, with the Shaanxi-Mongolia base contributing 23.55 million tons, up 2.15 million tons year-on-year [2]. Chemical Segment Contribution - The chemical segment of Yancoal showed significant growth, with production and sales increasing by 13.47% and 11.32% respectively, contributing a net profit of 1.07 billion yuan, up 9.5 billion yuan year-on-year [2]. Cost Management - The company implemented effective cost management strategies, achieving a reduction in average financing costs to 2.6%, saving 270 million yuan in interest expenses, and over 2.5 billion yuan in capital expenditures [2]. Market Outlook - The coal market is expected to improve in the second half of 2025 due to increased demand from power plants and supportive government policies, with coal prices anticipated to rebound [3]. - Yancoal aims to achieve a historical production milestone of 180 million tons of coal for the year, with specific targets for various regions [3].

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) demonstrated resilience and growth potential despite a decline in coal prices, achieving a revenue of 59.35 billion yuan and a net profit of 4.65 billion yuan in the first half of 2025, while also announcing a mid-term dividend of 0.18 yuan per share [1] Production and Cost Management - The company optimized production organization, resulting in a steady increase in coal output across major production bases, with a total coal production of 73.6 million tons, a year-on-year increase of 6.5%, marking a historical high for the same period [2] - The chemical segment also performed well, with chemical product output reaching 4.745 million tons, a year-on-year increase of 13.5%, contributing a net profit of 1.07 billion yuan [2] - The sales cost per ton of coal decreased to 328 yuan, an 8.7% reduction year-on-year, exceeding the target of a 3%-5% reduction [3] Financial Health - The company's total assets reached 375.67 billion yuan, a 4.8% increase from the beginning of the year, while net assets grew by 2.6% to 136.45 billion yuan, indicating solid asset quality [4] - The average financing rate was reduced to 2.61%, a decrease of 0.37 percentage points from the beginning of the year, positioning the company favorably within the industry [4] - The average selling price of self-produced coal fell to 529 yuan per ton, a 20.7% decline year-on-year, reflecting the company's sensitivity to coal price fluctuations [4] Shareholder Returns - The company has maintained a strong commitment to shareholder returns, proposing a mid-term dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which represents 40% of the net profit for the first half of the year [5] - A share repurchase plan was also announced, with intentions to invest between 50 million to 100 million yuan for A-shares and 150 million to 400 million yuan for H-shares, alongside a commitment from the controlling shareholder to not reduce holdings and to consider increasing them [5]

Group 1 - The company Yanzhou Coal Mining Company (兖矿能源) announced its 18th meeting of the 9th Board of Directors on August 29, 2025, to review the "2025 Semi-Annual Report" and other documents [1] - For the year 2024, the revenue composition of Yanzhou Coal Mining is as follows: self-produced coal business accounts for 61.2%, coal chemical business accounts for 18.13%, other businesses account for 10.49%, trading coal business accounts for 4.66%, and others account for 3.7% [1] - As of the report date, the market capitalization of Yanzhou Coal Mining is 130 billion yuan [1] Group 2 - The domestic first A-level car exhibition in the second half of the year features nearly 120 brands and 1,600 vehicles, indicating a competitive landscape in the southwest region [1] - The emergence of new energy vehicles is expected to reshape the automotive market dynamics [1]