Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 14.425 billion yuan under Chinese accounting standards and 14.056 billion yuan under international financial reporting standards[2]. - For the fiscal year ending December 31, 2024, the company reported sales revenue of 124,534,194 thousand yuan, a decrease of 6.5% compared to 132,742,542 thousand yuan in 2023[27]. - Gross profit for 2024 was 41,829,597 thousand yuan, down 17.3% from 50,586,040 thousand yuan in 2023[27]. - The company achieved a net profit attributable to shareholders of 14,056,067 thousand yuan in 2024, representing a decline of 26.5% from 19,222,120 thousand yuan in 2023[27]. - The company’s total assets increased to 356,350,370 thousand yuan in 2024, up from 352,359,441 thousand yuan in 2023[30]. - The company’s return on equity (ROE) for 2024 was 23.98%, a decrease from 34.66% in 2023[30]. - The company’s total borrowings increased to 110,796,061 thousand yuan in 2024, compared to 100,187,984 thousand yuan in 2023[30]. - The company’s net cash generated from operating activities was 23,139,743 thousand yuan in 2024, an increase of 38.5% compared to 16,786,490 thousand yuan in 2023[32]. - The company plans to distribute a total dividend of 0.77 yuan per share for 2024, amounting to 77.3 billion yuan[36]. - The company aims to improve its financial performance and operational data through retrospective adjustments for previous years[25]. Production and Operations - The company achieved a record coal production of 142 million tons, an increase of 10.39 million tons year-on-year, with a chemical product output of 8.7 million tons, up by 110,000 tons[37]. - The company plans to produce 155-160 million tons of coal and 8.6-9 million tons of chemical products in 2025, aiming to reduce coal sales costs by 3% year-on-year[40]. - The company is expanding its mining capacity, with the Shandong base expected to maintain coal production between 37-40 million tons and the Shaanxi-Mongolia base projected to reach 44-46 million tons[41]. - The company has initiated two 800,000-ton olefin projects in Inner Mongolia and Xinjiang, and a 500,000-ton high-temperature Fischer-Tropsch synthesis project in Shaanxi[37]. - The company has merged financial statements with several subsidiaries, including Shandong Yunkuang Guotuo Technology Engineering Co., Ltd. and SMT Scharf AG, enhancing its operational capacity[27]. Market Performance - The coal business revenue decreased to 91.625 billion, a decline of 10.2% or 10.395 billion compared to the previous year[61]. - The average selling price of coal decreased to 672.18 yuan per ton, down from 803.15 yuan per ton in 2023[61]. - The company experienced a decrease in sales revenue from the coal business in China, with a total of 70.342 billion in 2024 compared to 76.252 billion in 2023[64]. - The sales revenue from the Australian subsidiary, Yancoal Australia, increased by 10.55% to 36.937 billion[57]. - The overall coal sales in the international market showed a mixed performance, with a notable decline in sales revenue from Japan, dropping to 10.684 billion from 12.735 billion[64]. Strategic Initiatives - The company plans to enhance its high-end equipment manufacturing sector, targeting revenue of over 2 billion yuan from the Lushi smart manufacturing park by 2025[41]. - The company is committed to enhancing its brand image through ESG initiatives and fulfilling social responsibilities[44]. - The company plans to lower comprehensive financing costs by 6% and reduce financial expenses by 300 million yuan[44]. - The company aims to reduce controllable expenses by 5% through strict budget control and optimization of human resources[44]. - The company is exploring potential acquisitions to strengthen its market position, with a budget allocation of $200 million for strategic investments[174]. Governance and Management - The company has established a mechanism for annual salary evaluation and incentive for directors and senior management[189]. - The company proposed an average compensation of RMB 250,000 (including tax) for independent directors in 2024, contingent on achieving operational targets[184]. - The company has not faced any penalties from securities regulatory authorities in the past three years[191]. - The company’s independent directors' compensation will be reviewed based on the company's performance assessment policy after achieving operational goals in 2024[184]. - The company has seen a significant turnover in its senior management, with several key personnel changes, including the departure of senior technical expert Ma Junpeng in June 2024[180]. Research and Development - The total R&D expenditure for the period was 2,735 million RMB, accounting for 1.97% of sales revenue[94]. - The company has 4,491 R&D personnel, representing 5.76% of the total workforce[94]. - Research and development expenditure increased by 15% year-over-year, totaling $50 million, to support innovation efforts[174]. - New product development includes the launch of an innovative coal processing technology expected to enhance efficiency by 25%[172]. - The company is investing $G million in R&D for new technologies, aiming to improve product offerings and customer satisfaction[178]. Environmental and Social Responsibility - The group plans to strictly implement environmental regulations and promote the transformation of traditional industries towards green and low-carbon development[145]. - The group is committed to enhancing its facilities and management levels to ensure compliance with pollution discharge standards[145]. - The group made charitable donations amounting to RMB 58.002 million in the 2024 fiscal year[154]. - The company is focusing on clean energy technology, as evidenced by Zhao Zhiguo's role in the Yanzhong Clean Energy Technology Co., Ltd. since April 2022[183]. - The company has identified safety management risks in coal mining and coal chemical industries, implementing measures for risk assessment and management[144].

股票简称：兖矿能源 股票代码：600188 编号：临 2025-013 兖矿能源集团股份有限公司 关于举办 2024 年度业绩说明会的公告 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。 重要内容提示： 投资者可于2025年3月28日（周五）17:00前将关注的问题 通过电子邮件的形式发送至IR@ykenergy.com。本公司将会于2024年 度业绩说明会（"业绩说明会"）上对投资者普遍关注的问题进行回答。 一、说明会类型 兖矿能源集团股份有限公司（"公司""本公司"）将于2025年3月 28日在上海证券交易所网站、香港联合交易所网站披露2024年度业绩。 为协助投资者更好地了解公司业绩，公司拟以现场、电话及网络会议 的方式召开业绩说明会。 二、说明会召开的时间、方式 1 会议召开时间：2025年3月31日（周一）09:30-10:30 会议召开方式：现场、电话及网络会议 会议召开地点：香港中区法院道太古广场港岛香格里拉39 楼天窗厅 网络参会地址：https://s.comein.cn/tv7tc2eu （一）召开时间： ...

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事 會將於 2025 年 3 月 28 日（星期五）於本公司總部舉行董事會會議，籍以審議並公 佈（其中包括）本公司及其附屬公司截至 2024 年 12 月 31 日止年度之經審計年度業 績及建議派發末期股息（如有）。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 中國山東省鄒城市 2025年3月13日 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) 董事會會議通知 * 僅供識別 1 於本公告日期，本公司董事為李偉先生、劉健先生、劉強先生、張海軍先生、蘇力 先生及黃霄龍先生，而本公司的獨立非執行董事為彭蘇萍先生、朱利民先生、胡家 棟先生及朱睿女士。 ...

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2月28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3月3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 | | | 5,964,360,402 | RMB | | 1 RMB | | 5,964,360,402 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,964,360,402 | RMB | | 1 RMB | | 5,964,360,402 ...

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) 左前明 能源行业首席分析师 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 金隅大厦 B 座 邮编：100031 [Table_Title] 兖煤澳洲：增产降本兑现分红，储备现金赋 能成长 [Table_ReportDate] 2025 年 2 月 22 日 [Table_S 事件：202ummar 5 年y] 2 月 20 日晚，兖矿能源的海外核心子公司兖煤澳大利亚 （3668.HK）发布 2024 年业绩，对此我们点评如下： 点评： 2024 年兖煤澳大利亚实现商品煤权益产量 3690 万吨，同比增加 10%； 商品煤销量 3770 万吨，同比增加 14%。销量高于产量，主要是铁路事 故导致的前期库存累计，当前铁路事故对销量的影响基本褪去。分煤种 来看，2024 年动力煤销量为 3250 万吨，同比增加 14%；冶金煤销量 为 520 万吨，同比增加 11%。分季度来看，2024Q1-4，公司商品煤权 益产量 ...

Investment Rating - The investment rating for Yancoal Australia is "Buy" [3] Core Views - Yancoal Australia achieved a coal equity production of 36.9 million tons in 2024, a year-on-year increase of 10%, with sales reaching 37.7 million tons, up 14% year-on-year [2] - The average selling price of coal decreased due to weak demand, with a comprehensive average price of 176 AUD/ton in 2024, down 24% year-on-year [4] - The company continues to generate free cash flow while maintaining high shareholder returns, with a cash reserve of 2.46 billion AUD and a dividend payout of 687 million AUD, resulting in a dividend rate of 56% [5] Summary by Sections Production and Sales - In 2024, Yancoal Australia reported a coal equity production of 36.9 million tons, with sales of 37.7 million tons, reflecting a 10% and 14% increase year-on-year respectively [2] - The production guidance for 2025 is set between 35 million to 39 million tons, maintaining the production levels of 2024 [2] Pricing and Costs - The average selling price for coal in 2024 was 176 AUD/ton, a decrease of 24% year-on-year, with specific prices for thermal coal and metallurgical coal also declining [4] - The cash operating cost for 2024 was 93 AUD/ton, with a projected range for 2025 between 89-97 AUD/ton [5] Financial Performance - The forecasted net profit for Yancoal Australia in 2025 is 810 million AUD, contributing approximately 2.3 billion RMB to Yancoal Energy [6] - Revenue projections for Yancoal Australia from 2024 to 2026 are 141.9 billion, 158.4 billion, and 173.2 billion RMB respectively, with corresponding net profits of 15.3 billion, 17.8 billion, and 19.8 billion RMB [7][8]

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) 有关视作出售東方機電 47.168%股权之關連交易 緒言 董事會欣然宣佈，於2025年2月14日，本公司之全資附屬公司東華重工與新風光科技及東方機電 （東華重工之非全資附屬公司）簽署增資協議。根據增資協議，新風光科技擬以現金方式出資 人民幣5,592.5687萬元認繳東方機電新增注册資本，其中：人民幣5,000萬元計入實收資本，人 民幣592.5687萬元計入資本公積。於本次增資完成後，新風光科技持有東方機電50%的股權， 東華重工持有東方機電47.168%的股權。東方機電將不再為本公司之附屬公司，其財務報表將 不再於本集團財務報表內綜合入賬。 上市規則的涵義 於本公告日期，山東能源為本公司控股股東，直接及間接持有本公司約52. ...

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1月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 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2月6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 | | | 5,964,360,402 | RMB | | 1 RMB | | 5,964,360,402 | | 增加 / 減少 (-) | | ...

股票代码：600188 股票简称：兖矿能源 编号：临 2024-085 兖矿能源集团股份有限公司 关于 2024 年度第三期超短期融资券发行结果的公告 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。 1 | 12 | All St. 40 | | --- | --- | | 4 | ﻜ 1 | 主承销商 兴业银行股份有限公司 联席主承销商 中国光大银行股份有限公司 本期发行的相关文件请见中国货币网（www.chinamoney.com.cn） 和上海清算所网站（www.shclearing.com）。 2023 年 5 月 6 日，兖矿能源集团股份有限公司（"本公司"） 获准注册债务融资工具(中市协注〔2023〕DFI24 号)，有效期 2 年。 2024 年 12 月 25 日，本公司成功发行 2024 年度第三期超短期融资 券（"本期发行"），募集资金人民币 20 亿元，已于 2024 年 12 月 26 日到账。 现将本期发行结果公告如下： | | 发行要素 | | | | --- | --- | --- | --- ...