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* 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 2024年4月12日 於本公告日期，本公司董事為李偉先生、肖耀猛先生、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。 * 僅供識別 1 ( 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 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 2024 年 4 月 26 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 3 月 31 日止三個月之未經審計第 一季度業績（按照中國會計准則編制）。 ...

兖矿能源集团股份有限公司 2023 年度业绩说明会会议纪要 2024 年 4 月 8 日，兖矿能源集团股份有限公司（"兖 矿能源"或"公司"）以现场、电话及网络会议的方式召 开 2023 年度业绩说明会。公司董事长李伟先生，董事、总 经理肖耀猛先生，董事、董事会秘书黄霄龙先生，财务总 监赵治国先生，独立董事胡家栋先生和有关业务负责人出 席会议，向投资者介绍 2023 年经营业绩、主要产品市场分 析和 2024 年经营目标及经营措施等相关情况，并就投资者 关注的问题进行沟通和交流。现就本次会议沟通、交流的 重点内容整理如下： 一、"双碳"战略背景下，公司如何看待煤炭发展前景？ "双碳"战略背景下，能源结构加速变革调整。近年来， 可再生能源投资发展提速，但基于中国"富煤贫油少气" 的能源禀赋特征，煤炭仍然是经济、安全、可靠的基础保 障能源，中短期内不会被可再生能源大规模取代。 "双碳"战略是一场广泛而深刻的变革,中国正在加快新 型能源体系建设。兖矿能源将顺应能源变革趋势，积极响 应、统筹谋划。一是有序调整传统主导产业。加快煤炭产 业转型升级步伐，大力推进智能矿山建设，向绿色智能方 向发展；加强煤炭清洁高效利用，延 ...

Investment Rating - The report maintains a "Buy-A" investment rating for Yancoal Energy (600188.SH) [1][6]. Core Views - The company is expected to continue its growth driven by both internal and external factors, with a high dividend payout ratio ensuring sustained high dividend yields [1][4]. - The company's coal production capacity is projected to expand, with overseas coal prices rebounding in 2024, positively impacting overall performance [3][4]. Summary by Sections Company Performance - In 2023, the company produced 132.107 million tons of coal, a year-on-year increase of 0.61%, while sales volume decreased by 6.21% to 127.024 million tons [2]. - The average selling price of coal fell to 803.15 yuan/ton, down 25.49% year-on-year, influenced by declining coal prices domestically and internationally [2][3]. - The company's revenue for 2023 was 1500.25 billion yuan, a decrease of 33.31% year-on-year, with a net profit of 201.40 billion yuan, down 39.62% [3][4]. Financial Metrics - The basic earnings per share (EPS) for 2023 was 2.74 yuan, a decline of 39.78% compared to the previous year [3][4]. - The return on equity (ROE) was reported at 22.94%, reflecting a decrease of 17.57 percentage points year-on-year [3][4]. - The company plans a capital expenditure of 19.702 billion yuan for 2024, an increase of 8.71% year-on-year [4][5]. Dividend Policy - The company announced a cash dividend of 1.49 yuan per share and a stock dividend of 0.3 shares, totaling a cash distribution of 110.85 billion yuan, which represents 60% of the net profit after statutory reserves [5]. - The expected dividend yield based on the closing price of 24.39 yuan per share is approximately 6.11% [5]. Future Outlook - The company anticipates continued growth in coal production capacity, with new projects expected to come online in 2024 and 2025 [3][4]. - The rebound in overseas coal prices in 2024 is expected to enhance the profitability of the company's international operations [3][4].

截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 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 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: 2024年4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 | 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 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,040,720 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,040,720 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company reported a revenue of 1500.25 billion yuan in 2023, a decrease of 33.31% year-on-year, and a net profit attributable to shareholders of 201.4 billion yuan, down 39.62% year-on-year [1] - The company plans to increase coal production to 140 million tons in 2024, a growth of 5.97% compared to 2023, driven by new projects and increased output from Australian operations [1][3] - The company aims to implement a strategy of "two increases, three reductions, and four improvements" in 2024, focusing on production efficiency and cost management [3] Financial Performance Summary - In Q4 2023, the net profit attributable to shareholders was 45.23 billion yuan, a year-on-year increase of 24.06% [1] - The company plans to distribute a cash dividend of 1.49 yuan per share, totaling 110.84 billion yuan, which represents 55.04% of the net profit attributable to shareholders [1] - The average selling price of coal decreased by 25.49% to 803.15 yuan per ton, while the comprehensive cost of coal was 388.36 yuan per ton, down 10.88% year-on-year [1] Future Projections - The company expects revenues to slightly increase to 151.55 billion yuan in 2024, with a projected net profit of 20.44 billion yuan, reflecting a growth of 1.5% [4] - Earnings per share (EPS) are forecasted to be 2.75 yuan in 2024, with a price-to-earnings (PE) ratio of 8 times [4][5] - The company aims to improve its gross profit margin in the coal business, which was 51.65% in 2023, down 7.93 percentage points year-on-year [1][3]

上 市 公 司 煤炭 2024年03月29日 兖矿能源 (600188) 公 司 研 究 ——2023 年业绩稳健，高股息属性凸显 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：公司3月29日公告2023年报，报告期内，公司实现营业收入1500.25亿元，同 比减少 33.31%；归母净利润 201.40 亿元，同比减少 39.62%。四季度单季度实现营收 证 市场数据： 2024年03月28日 142.21亿元，同比下降71.26%，环比下降64.97%；实现归母净利润45.23亿元，同比 券 收盘价（元） 23.08 研 一年内最高/最低（元） 36.34/16.49 增长24.06%，环比下降0.53%。公司业绩基本符合市场预期。 究 市净率 2.4 报 息率（分红/股价） 5.33 ⚫ 国内安监趋严，新疆、内蒙古矿区同比下降，兖煤澳洲加快产能释放、产量增长，使得全 告 流通A股市值（百万元） 104520 年公司商品煤产量较去年基本持平、但销量小幅下降。公司2023年商品煤产量为1.32亿 上证指数/深证成指 3010.66/9342.92 吨，同比增长 0. ...

2024 年 03 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩表现不俗，长期规模增长可期 证券分析师： 陈晨 S0350522110007 Q4 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——兖矿能源（ ） 年报点评报告 600188 2023 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn 最近一年走势 事件 : 2024年3月29日，兖矿能源发布2023年年度报告：2023年公司实现 营业收入1500.2亿元，同比-33.3%，归属于上市公司股东净利润201.4 亿元，同比-39.6%，主要系煤炭业务量价同步回调导致；扣非后归属于 上市公司股东净利润185.9亿元，同比-38.6%。基本每股收益为2.74元， 同比-39.8%。加权平均ROE为21.9%，同比减少17.6个百分点。 分季度看，2023年第四季度，公司实现营业收入142.2亿元，环比-65.0%， 同比-74.5%；实现归属于上市公司股东净利润45.2亿元，环比-0.5 ...

煤炭/煤炭开采 公 司 研 兖矿能源（600188.SH） 收购落地增厚业绩，兼具高分红与高成长 究 2024年03月29日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） 汤悦（联系人） zhangxucheng@kysec.cn tangyue@kysec.cn 证 书编号：S0790520020003 证书编号：S0790123030035 日期 2024/3/28  收购落地增厚业绩，兼具高分红与高成长，维持“买入”评级 当前股价(元) 23.08 公司发布 2023 年年报，2023 年公司实现营业收入 1500.3 亿元，同比-33.3%； 公 实现归母净利润201.4亿元，同比-39.6%。单Q4来看，公司实现营业收入142.2 一年最高最低(元) 36.34/16.49 司 亿元，环比-65.0%；实现归母净利润45.2亿元，环比-0.5%。考虑到2024年一 信 总市值(亿元) 1,717.01 季度市场煤价下行，我们下调 2024-2025 年盈利预测并新增 2026 年盈利预测， 息 流通市值(亿元) 1,045.20 预计 2024-2026 年归母净利润为 210. ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 10 billion for the fiscal year, representing a 15% year-over-year growth [14]. - The company's operating revenue for 2023 was CNY 150,024,860, a decrease of 33.31% compared to the previous year's revenue of CNY 224,973,103 [21]. - The net profit attributable to shareholders for 2023 was CNY 20,139,502, down 39.62% from CNY 33,356,920 in 2022 [21]. - The total sales revenue for 2023 was 150,025 million RMB, a decrease of 33.31% compared to 224,973 million RMB in the previous year [55]. - The company reported a significant drop in sales revenue from trade coal, which fell to 12,795 million RMB in 2023 from 19,352 million RMB in 2022 [44]. - The coal business revenue for 2023 was 102.019 billion yuan, a decrease of 43.971 billion yuan or 30.1% year-on-year, primarily due to a decline in coal sales prices [42]. Dividends and Profit Distribution - The board of directors proposed a profit distribution plan, recommending a stock dividend of 3 shares for every 10 shares held and a cash dividend of 14.90 CNY per 10 shares (including tax) [3]. - The company plans to distribute a cash dividend of 14.9 RMB per 10 shares, totaling 11.085 billion RMB in dividends [31]. - The total cash dividend amount (including tax) is CNY 11,084,662, which represents 55.04% of the net profit attributable to ordinary shareholders in the consolidated financial statements [169]. - The company has set a cash dividend policy to distribute approximately 60% of the net profit after statutory reserves in the 2023-2025 period [165]. Stakeholder Engagement and Governance - The company has strengthened its corporate governance by updating its governance structure and compliance with the latest regulations [104]. - The company continues to avoid competition with its controlling shareholder, ensuring operational independence [105]. - The company has confirmed that all newly appointed directors are aware of their responsibilities as directors of a listed issuer [127]. - The board of directors held a total of 6 meetings during the year, with 2 in-person meetings and 4 conducted via communication methods [138]. - The company has established several specialized committees, including the audit committee, nomination committee, compensation committee, strategy and development committee, and sustainability committee [139]. Risk Management and Compliance - The company has disclosed major risks and countermeasures in the management discussion and analysis section of the report [5]. - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report [4]. - The company has confirmed that there are no violations of decision-making procedures in providing guarantees to external parties [4]. - The company has strict internal regulations to prevent insider information leakage and ensure compliance with disclosure requirements [190]. - The company has established a comprehensive risk management framework, conducting annual risk assessments and reporting [189]. Market Expansion and Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next three years [14]. - The company aims to enhance its core business and accelerate the transformation of its mining and high-end chemical materials sectors [32]. - The company is focusing on resource and capital integration to strengthen its competitive advantages in emerging industries [32]. - The company is committed to expanding its market presence through strategic mergers and acquisitions, aiming for high-quality development [32]. - The company plans to implement lean management practices to improve efficiency and reduce costs, targeting a 10% reduction in inventory capital occupation [32]. Research and Development - The company has allocated RMB 500 million for research and development in the upcoming year, focusing on sustainable energy solutions [14]. - The total R&D expenditure for the period was CNY 2,907 million, accounting for 1.94% of operating revenue [68]. - The company has established three national-level R&D platforms and 14 provincial-level R&D platforms, with 17 high-tech enterprises [38]. - The R&D budget has been increased by 25%, focusing on sustainable energy solutions and advanced technology development [124]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of ESG initiatives and social responsibility in its operations [32]. - The company has committed to strict compliance with environmental regulations and is actively promoting the transformation of traditional industries towards green and low-carbon development [98]. - The company invested 50.49 million RMB in social responsibility initiatives, including education and environmental projects [31]. - Sustainability initiatives are being prioritized, with a target to reduce carbon emissions by 25% over the next five years [116]. Operational Efficiency and Cost Management - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management [14]. - The company aims to reduce operational costs by 10% through efficiency improvements and technology upgrades [14]. - The average financing interest rate was reduced to below 3.6%, demonstrating effective cost management strategies [31]. - The company has successfully reduced operational costs by 8% through efficiency improvements and cost-cutting measures implemented over the past year [124]. Executive Changes and Leadership - The company appointed new executives, including a new financial director in October 2023, enhancing its leadership team [120]. - The ninth board of directors includes new appointments such as Zhao Zhiguo as CFO and Yue Ning as vice president, effective from October 27, 2023 [131]. - The company appointed Li Wei as the chairman of the ninth board of directors on June 30, 2023 [127]. Production and Sales Performance - In 2023, the company achieved a total coal production of 130 million tons, maintaining its position among the industry leaders [31]. - The company's coal sales decreased by 6.21% to 127.0 million tons in 2023, down from 135.4 million tons in 2022 [34]. - The total production of self-produced coal was 132,107 thousand tons, with sales volume at 120,973 thousand tons, reflecting a slight increase in production of 0.61% but a decrease in sales of 1.36% [58]. - The total sales revenue from the chemical sector was 17,092 million RMB in 2023, a decrease from 18,551 million RMB in 2022, with sales volume dropping from 22,708 thousand tons [47]. International Operations - The company is actively expanding its international presence, with 8 production mines in Australia and a coal resource of 8.7 billion tons [38]. - The net profit of Yancoal Australia for 2023 was 8.697 billion AUD, a decrease of 8.042 billion AUD or 48.0% year-on-year, primarily due to a decline in coal product sales prices [89]. - The company’s net profit from overseas operations was CNY 8,697 million from Yancoal Australia and CNY 1,427 million from Yancoal International [76]. Financial Position and Assets - The total assets at the end of 2023 were CNY 354,278,139, reflecting a decrease of 6.15% from CNY 377,475,427 in 2022 [22]. - The total liabilities increased slightly by 1.02% to CNY 235,944,455 in 2023 from CNY 233,564,674 in 2022 [22]. - The company reported a significant decrease in cash and cash equivalents, down 43.54% to CNY 37,597 million compared to the previous period [73]. - The long-term borrowings increased by 43.26% to CNY 61,355 million compared to the previous period [74].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's 2023 performance met expectations, with a revenue of 150 billion, down 33.31% year-on-year, and a net profit attributable to shareholders of 20.1 billion, down 39.6% year-on-year. The fourth quarter of 2023 saw a net profit of 4.61 billion, up 10.5% year-on-year but down 13.2% quarter-on-quarter, aligning with expectations [1] - The coal segment showed significant production growth, with total coal production and sales reaching 132.11 million tons and 127.02 million tons, respectively, representing a year-on-year increase of 32.7% and a decrease of 6.2%. The coal segment generated revenue of 102 billion with a gross profit of 52.7 billion, achieving a gross margin of 51.6% [1] - The chemical segment also experienced growth, with revenue of 26.4 billion, up 0.2% year-on-year, and a gross profit of 5.27 billion, up 1.8% year-on-year, resulting in a gross margin of 20% [1] - The company has growth potential with two coal mines under construction, expected to commence production in 2024 and 2025, and a proposed cash dividend of 11.08 billion, representing 55.04% of net profit attributable to shareholders, leading to a dividend yield of 6.5% as of March 28 [1] Financial Summary - For 2023, the company reported a revenue of 150 billion and a net profit of 20.14 billion, with projected net profits of 20.3 billion, 20.93 billion, and 21.84 billion for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 8.5X, 8.2X, and 7.9X [2] - The company's earnings per share (EPS) for 2023 was 2.71, with projections of 2.73, 2.81, and 2.94 for the following years [2] - The return on equity (ROE) for 2023 was 22.9%, with a projected decline to 20.2%, 19.3%, and 18.8% over the next three years [2]