[Table_Title] 证券研究报告 厚植资源潜力，发展空间可期 公司研究 [Table_ReportDate] 2024年3月29日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 2S 0um 2m 4a年ry] 3 月28日，兖矿能源发布2023年报，公司全年实现营业收 [T兖ab矿le能_S源toc(k6A0n0d1R8an8k)] 入1500亿元，同比下降33.31%，实现归母净利润201.39亿元，同比下降 投资评级 买入 39.62%；扣非后净利润185.91亿元，同比下降38.61%。经营活动现金流 量净额161.68亿元，同比下降72.56%；基本每股收益2.74元/股，同比下 上次评级 买入 降39.78%。 [T able_Author] 第四季度，公司实现营业收入142.21亿元，环比下降65%，主要是煤炭贸 易业务减少影响；归母净利润45.22亿元，环比下降0.5%；扣非后净利润 43.41 亿元，环比上升 3.4%；经营活动现金流净额 14.24 亿元，环比下降 81.8%，主要受合并的山东能源公司对外贷款支出影响。 左前明 能源行业首席分析师 点评： ...

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 發佈任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依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） 截至2023年12月31日止十二個月的年度業績公告 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司截至2023年12月31日 止十二個月之經審計年度業績。該年度業績已經董事會審計委員會審閱。 本公告列載本公司2023年度報告全文，並符合香港聯合交易所有限公司證劵上市規則中有關年度業績初步公 告附載的資料之要求。 本公司 2023 年度業績可於香港聯合交易所有限公司的網站 www.hkexnews.hk 及本公司的網站 www.ykenergy.com閱覽。 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3月28日 於本公告日期，本公司董事為李偉先生、肖耀猛先生、劉健 ...

Dividends and Shareholder Returns - The company proposed a stock dividend of 3 shares for every 10 shares held and a cash dividend of 14.9 yuan per 10 shares (tax included) for the fiscal year[2]. - The company plans to distribute a cash dividend of 1.49 yuan per share, totaling 11.08 billion yuan, which represents 62.3% of the net profit[20]. - The proposed cash dividend for 2023 is 13.00 RMB per 10 shares (including tax), along with a special cash dividend of 1.90 RMB per 10 shares (including tax), totaling 14.90 RMB per 10 shares[175]. - Each 10 shares will receive 3 bonus shares and a cash dividend of RMB 14.9 per share (tax included)[178]. Financial Performance - The company reported a significant increase in revenue, reaching CNY 10,000 million, representing a growth of 15% year-over-year[15]. - In 2023, the company achieved sales revenue of 118.43 billion yuan, a decrease of 23.4% compared to 2022's 154.60 billion yuan[16]. - The company's net profit attributable to shareholders for 2023 was 17.78 billion yuan, down 41.6% from 30.42 billion yuan in 2022[16]. - The company reported a gross profit of 43.91 billion yuan in 2023, compared to 73.79 billion yuan in 2022, reflecting a significant decline[16]. - The company generated a net cash flow from operating activities of 22.62 billion yuan in 2023, a decrease from 61.87 billion yuan in 2022[19]. - Sales revenue decreased by 23.39% year-on-year to RMB 118,434 million, primarily due to a reduction of RMB 36.7 billion in coal business revenue[46]. Market and Operational Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[15]. - The company plans to produce approximately 140 million tons of commercial coal and 8 million tons of chemical products in 2024[23]. - The company aims to reduce operational costs by 5% through improved supply chain management[15]. - The company is focusing on optimizing layout and project acquisitions to enhance its operational performance amid market fluctuations[31]. - The company plans to focus on expanding its market presence in regions with growing demand, particularly in Southeast Asia and Australia[39]. Research and Development - Research and development expenses increased by 30%, totaling CNY 500 million, to support new technology initiatives[15]. - The company has established advanced research and development platforms, including a postdoctoral research station and a smart mining R&D center[32]. - The company is investing in new technology development, allocating 500 million RMB for R&D initiatives in the upcoming year[118]. Corporate Governance - The company has strengthened its corporate governance by updating its governance structure and regulations in accordance with the latest laws and regulations, ensuring efficient operation[105]. - The company has established a robust corporate governance structure that aligns with the requirements of the Company Law and Securities Law, with no significant discrepancies noted[105]. - The company has committed to transparency and accountability in its operations, ensuring the protection of all shareholders' rights[105]. - The company has seen changes in its board composition, with several directors and supervisors being elected or appointed recently[128]. Risk Management - The company has disclosed major risks and countermeasures faced by the group in the annual report, emphasizing the importance of investor awareness[2]. - The company emphasizes that forward-looking statements regarding future plans do not constitute substantial commitments to investors, urging caution regarding investment risks[2]. - The company has established measures to manage foreign exchange risks, including entering into hedging contracts[98]. Environmental and Social Responsibility - The company has invested a total of 50.49 million yuan in education, environmental protection, and community care projects[23]. - The company is actively pursuing environmental compliance and upgrading facilities to meet stricter regulations[96]. - The company has established a sustainable development committee, consisting of three members, to oversee environmental, social, and governance (ESG) matters[169]. Production and Sales - The company produced 110 million tons of commodity coal in 2023, maintaining its position among the industry leaders[21]. - The total sales volume of coal was 102,905 thousand tons, a slight decrease of 841 thousand tons or 0.81% year-on-year[26]. - The revenue from coal business was 89.144 billion yuan, a decrease of 36.7 billion yuan or 29.2% year-on-year, primarily due to a decline in coal sales prices[36]. - The company achieved a 5% year-on-year reduction in main product unit consumption[22]. Leadership and Management Changes - The company appointed Zhao Zhiguo as the Chief Financial Officer in October 2023, who has extensive experience in financial management and data analysis[121]. - The company has seen a leadership change with Wang Jiuhong becoming the Deputy General Manager in October 2022, bringing significant experience from various managerial roles[120]. - The company is expanding its leadership team with the appointment of Yue Ning as Deputy General Manager in October 2023, who has a strong background in engineering and management[121]. Financial Position and Assets - The total assets of the company reached 414.32 billion yuan in 2023, an increase from 310.08 billion yuan in 2022[18]. - The company’s net asset return rate was 20.46% in 2023, down from 33.85% in 2022[18]. - The company has a total of 4,495 R&D personnel, which constitutes 5.67% of the total workforce[62]. Strategic Acquisitions - A strategic acquisition was announced, with the company acquiring a competitor for CNY 2,000 million, expected to enhance operational efficiency[15]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 2 billion RMB earmarked for potential deals[117].

Financial Performance - Yankuang Energy Group reported its audited annual performance for the year ending December 31, 2023[1]. - The company reported a significant increase in revenue, reaching CNY 10,000 million, representing a growth of 15% year-over-year[14]. - In 2023, the company achieved sales revenue of 118.43 billion yuan, a decrease of 23.4% compared to 154.60 billion yuan in 2022[15]. - The company's net profit attributable to shareholders for 2023 was 17.78 billion yuan, down 41.6% from 30.42 billion yuan in 2022[15]. - The company reported a gross profit of 43.91 billion yuan, which is a decline from 73.79 billion yuan in the previous year[15]. - The company generated a net cash flow from operating activities of 22.62 billion yuan, significantly lower than 61.87 billion yuan in 2022[18]. - The company reported a significant revenue decline in the trading coal segment, with a sales volume of 4,329 thousand tons and revenue of 6,808 million yuan[37]. - Sales revenue decreased by 23.39% year-on-year to RMB 118,434 million, primarily due to a reduction in coal business revenue by RMB 36.7 billion[45]. - Operating cash flow decreased by 63.45% year-on-year to RMB 22,616 million, impacted by lower coal sales prices[46]. Market Expansion and Strategy - Future strategies may include market expansion and technological advancements in energy production[4]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[14]. - The company plans to focus on expanding its market presence in regions such as Southeast Asia and Australia to enhance revenue streams[37]. - The company is exploring potential acquisitions to diversify its portfolio, with a budget of $200 million allocated for this purpose[115]. - Market expansion plans include entering two new provinces, aiming for a 30% increase in market share within the next two years[114]. - The company plans to enhance its digital marketing strategy, aiming for a 40% increase in online engagement[14]. Operational Efficiency and Cost Management - The company aims to enhance its financial performance and shareholder value through strategic initiatives and operational efficiencies[2]. - The company aims to reduce operational costs by 5% through improved supply chain management[14]. - The company reported a significant increase in operational efficiency, with a 15% reduction in production costs year-over-year[117]. - The company is implementing new strategies to improve supply chain efficiency, targeting a 10% reduction in lead times[117]. Research and Development - Research and development expenses increased by 30%, totaling CNY 500 million, to support new technology initiatives[14]. - The company is focusing on technological innovation, with plans to invest 10 million in R&D for new energy solutions[118]. - The company obtained 276 authorized patents in 2023, including 58 invention patents[62]. Governance and Corporate Structure - The board of directors includes experienced members, ensuring strong governance and oversight[1]. - The company has implemented a robust governance structure that complies with the Company Law and Securities Law, with no significant discrepancies from regulatory requirements[104]. - The company has strengthened its corporate governance by updating various internal regulations and procedures in accordance with the latest laws and regulations, ensuring efficient operation[104]. - The company has a clear decision-making process for determining the remuneration of its board members and senior management[126]. - The company has a focus on maintaining a strong governance framework through regular elections and appointments of board members[127]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental and social responsibility in its operations[2]. - The total investment in donations and public welfare projects has reached 50.49 million yuan, reflecting the company's commitment to social responsibility[22]. - The company is facing environmental protection risks due to stricter national policies and is committed to green and low-carbon development strategies[94][95]. Leadership and Management Changes - The company appointed Zhao Zhiguo as the Chief Financial Officer in October 2023, who has extensive experience in financial management and big data analysis[120]. - The company has seen a leadership change with Wang Jiuhong becoming the Deputy General Manager in October 2022, bringing significant experience from various managerial roles within the coal industry[119]. - The company is expanding its leadership team with the appointment of Yue Ning as Deputy General Manager in October 2023, who has a strong background in engineering and management[120]. Shareholder and Dividend Information - A dividend of CNY 0.50 per share was declared, reflecting a payout ratio of 30%[14]. - The company plans to distribute a cash dividend of 14.9 yuan per 10 shares, totaling 11.085 billion yuan, which accounts for 62.3% of net profit[19]. - The proposed cash dividend for 2023 is 13.00 RMB per 10 shares, plus a special cash dividend of 1.90 RMB per 10 shares, totaling 14.90 RMB per 10 shares[174]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[14]. - The company plans to produce approximately 140 million tons of commodity coal and 8 million tons of chemical products in 2024[22]. - The company’s future outlook includes continued focus on coal and chemical production, with potential for market expansion and strategic acquisitions[46].

衮矿能源集团股份有限公司 2023 年度独立董事述职报告 (朱睿) 作为衮矿能源集团股份有限公司("兖矿能源""公司") 的独立董事,我严格按照《公司法》《证券法》《上市公司独 立董事管理办法》《上市公司治理准则》等法律法规,以及 《公司章程》和《独立董事工作制度》等有关规定和要求,本 着客观、公正、独立的原则,勤勉尽责、独立履职,及时了解 公司的生产经营及发展情况,积极发挥独立董事作用,有效维 护了公司整体利益和全体股东的合法权益。现将 2023年度履职 情况报告如下: (二)相关决议及表决结果情况 一、独立董事的基本情况 朱睿:出生于 1975年2月,毕业于对外经济贸易大学、美 国明尼苏达大学,工商管理博士学位。曾任加拿大英属哥伦比 亚大学副教授,美国莱斯大学助理教授。目前担任长江商学院 市场营销学教授、ESG 与社会创新研究中心主任,并担任九毛 九国际控股有限公司、万物新生公司(纽约证券交易所上市公 司 ATRenew Inc ) 独立董事。2023年6月任兖矿能源独立董事。 二、独立董事年度履职情况 (一)出席会议情况 自本人 2023年6月任独立董事后至报告期末,公司共召开 了 3 次董事会会议和 ...

兖矿能源集团股份有限公司 2023 年度 一、审计意见 审计报告 我们审计了充矿能源集团股份有限公司(以下简称充矿能源公司)财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表,以及相关财务报表附注。 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-196 | 联系申话: +86(010) 6554 2288 信永中和会计师事务所| 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 No 8 Chaovangmen Beid Don ...

Environmental, Social and Governance Report 环境、社会及管治报告 2023 报告说明 兖矿能源集团股份有限公司（以下简称"兖矿能源""公司" 或"我们"）重视承担社会责任，希望以发布环境、社会及 管治（"ESG"）报告（2020 年度及以前为社会责任报告， 以下简称"ESG 报告"）的形式，向社会各界分享公司在 ESG 方面的实践与绩效，增强信任与合作，共同推动公司和 社会的可持续发展。 公司董事会及全体董事保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告的真实性、准确性和 完整性承担个别及连带责任。 报告主体范围 兖矿能源及附属公司，与同时披露的公司《2023 年度报告》 （"年报"）范围一致。 报告时间范围 2023 年 1 月 1 日至 2023 年 12 月 31 日（部分内容超出此 范围）。 报告原则 重要性 : 邀请利益相关方参与公司 ESG 相关重要性议题的识 别与评估，董事会已对评估结果进行审阅，并在本报告中进 行了披露。 量化 : 本报告披露了在环境及社会领域相关量化数据以及统 计、计算采用的标准和方法。 一致性 : 本报告所披露 ...

兖矿能源集团股份有限公司 关于山东能源集团财务有限公司的风险评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》以及《中国证监会 中国银保监会关于规范上市公司与企 业集团财务公司业务往来的通知》的要求，本公司查验了山东能源集 团财务有限公司《金融许可证》《企业法人营业执照》等证件及相关 财务资料，对其经营资质、业务和风险状况进行了评估，现将有关情 况报告如下： 一、基本情况 山东能源集团财务有限公司（以下简称"财务公司"）于 2013 年 12 月 24 日经原中国银行业监督管理委员会（银监复〔2013〕664 号）批准成立，截至 2023 年末，原山能财务公司与原兖矿财务公 司整合工作完成，整合后的财务公司注册资本为人民币 70 亿元， 其中兖矿能源集团股份有限公司，出资 37.744 亿元，占注册资本 的 53.92%；山东能源集团有限公司，出资 22.1683 亿元，占注册 资本的 31.669%；淄博矿业集团有限责任公司，出资 3.0275 亿元， 占注册资本的 4.325%；临沂矿业集团有限责任公司、山东新巨龙 1 能源有限责任公司各出资 2.0181 亿元，分别占注册 ...

本人及直系亲属和主要社会关系成员,均未在公司及子公 司担任除独立董事以外的任何职务,也未在公司主要股东及股 东投资的单位担任任何职务,没有从公司及其主要股东或有利 害关系的机构和人员取得额外的其他利益,也不存在其他影响 独立性的情况。 二、独立董事年度履职情况 1 (一)出席会议情况 自本人 2023年6月任独立董事后至报告期末,公司共召开 了 3 次董事会会议和 1 次股东大会。出席会议情况如下: 究矿能源集团股份有限公司 2023 年度独立董事述职报告 (胡家栋) 本人作为兖矿能源集团股份有限公司("兖矿能源""公 司")独立董事,严格按照《公司法》《证券法》《上市公司 治理准则》、公司上市地监管规则、《上市公司独立董事管理 办法》等法律法规,以及《公司章程》《独立董事工作制度》 等内部制度的有关规定和要求,诚信、勤勉、独立地履行职责, 积极出席相关会议,认真审议各项议案,对公司相关事项发表 独立意见,促进公司规范运营,切实维护公司和全体股东的利 益。现将 2023年度的工作情况报告如下: 一、独立董事的基本情况 胡家栋:出生于 1969年 6月,毕业于澳洲新南威尔士大学, 商业学士学位,香港会计师公会资 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2024-020 ● 每股分配比例：每股派发现金股利 1.49 元（含税），每股派送红 股 0.3 股。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数， 具体日期将在权益分派实施公告中明确。 ● 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持 每股分配金额及每股送红股股数不变，相应调整分配总额，并另行公告具 体调整情况。 一、利润分配方案内容 经信永中和会计师事务所（特殊普通合伙）审计确认，截止 2023 年 12 月 31 日，公司母公司报表中期末未分配利润为 147.10 亿元。经董事会 决议，公司 2023 年度拟以实施权益分派股权登记日登记的总股本为基数 分配利润。本次利润分配方案如下： （一）公司拟向全体股东每股派发现金股利 1.49 元（含税）。截至 2023 年 12 月 31 日，公司总股本为 7,439,370,720 股，以此计算合计拟派 发现金红利 11,084,662,373 元（含税）。占本年度按中国会计准则实现的 归属于母公司股东的净利润（"净利润"）的比例为 55.04%，占扣除法定 兖矿能源集团股份有 ...