2025 #期報告 兖矿能源集团股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED ( 在中華人民共和國註册成立的股份有限公司 ) 股份代號：01171 重要提示 本公司董事會及董事、高級管理人員保證中期報告內容的真實性、準確性、完整性，不存在虛假記載、誤導性陳述或重大 遺漏，並承擔個別和連帶的法律責任。 本公司2025年中期報告已經公司第九屆董事會第十八次會議審議通過，會議應出席董事11人，實出席董事11人，公司全 體董事出席董事會會議。 本公司2025年中期報告未經審計。 本公司2025年中期報告已經公司董事會審計委員會審核。 公司董事長李偉先生、財務總監趙治國先生及財務管理部部長郭慧先生聲明：保證中期報告中財務報告的真實、準確、完 整。 公司董事會建議以分紅派息股權登記日的股份數為基數，每10股派發半年度現金股利1.80元（含稅）。 本半年度報告中有關未來計劃等前瞻性陳述，不構成本公司對投資者的實質性承諾，請投資者注意投資風險。 本公司不存在被控股股東及其他關聯方非經營性佔用資金情況。 本公司不存在違反規定決策程序對外提供擔保的情況。 本公司不存在半數以上董事無法保 ...

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股票简称：兖矿能源 股票代码：600188 编号：临 2025-052 投资者可于2025年8月29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2025年 中期业绩说明会（"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8 月30日在上海证券交易所网站、香港联合交易所网站披露2025年中期 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9月1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5 楼香岛殿C 网络参会地址：https://s.comein.cn/513h1wew （一）召开时间：2025年9月1日（周一）09:30-10:30 （二）召开方式：现场、电话及网络会议 兖矿能源集团股份有限公司 关于举办 2025 年中期业绩说明会的公告 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 ...

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) 海外監管公告 關於舉辦2025年中期業績説明會的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而 作出。 兗礦能源集團股份有限公司（「公司」）將於2025年9月1日（周一）舉辦2025年中 期業績説明會（「業績説明會」）。現將有關事項公告如下： 一、業績説明會類型 公司將於2025年8月30日在上海證券交易所網站、香港聯合交易所網站披露2025年中 期業績。為協助投資者更好地瞭解公司業績，公司擬以現場、電話及網絡會議的方 式召開業績說明會。 二、業績説明會召開的時間、方式 1 （五）網絡參會地址：https://s.comein.cn/513h1wew，投資者按網站提示注册後即可參 與業績說明會 ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 从福建煤矿事故看煤炭供给脆弱性 报告要点 [Table_Summary] 近日央视报道福建煤矿事故，引发市场广泛关注，如何看待本次事故对当前国内煤炭供给侧影 响？我们认为，煤炭作为重点安全行业，由于国内安监政策呈现明显的事故驱动特征，临近 9 月 3 日阅兵，特殊时点下福建煤矿事故或易放大地方安监管控强度，后续若有进一步强化安监 信号出现，则会对国内供给产生一定冲击。展望后市，在需求维稳而供给端有较强刚性约束预 期下，煤价弹性短期更期待供给管控力度，权益或仍有绝对收益。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 煤炭与消费用燃料 cjzqdt11111 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table ...

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has shown a mixed performance in stock price and financial results, with a recent increase in stock price but a decline in revenue and net profit year-on-year [1][2]. Financial Performance - As of March 31, 2025, Yanzhou Coal reported a revenue of 30.31 billion yuan, a year-on-year decrease of 23.52% [2]. - The net profit attributable to shareholders was 2.71 billion yuan, down 27.86% compared to the previous year [2]. - The company has distributed a total of 85.04 billion yuan in dividends since its A-share listing, with 40.57 billion yuan distributed in the last three years [3]. Stock Market Activity - On August 25, 2023, Yanzhou Coal's stock price increased by 2.05%, reaching 13.44 yuan per share, with a trading volume of 436 million yuan [1]. - The company experienced a net inflow of 10.11 million yuan from major funds, with significant buying activity from large orders [1]. - Year-to-date, the stock price has decreased by 1.39%, but it has seen a 3.94% increase over the last five trading days and a 9.00% increase over the last 60 days [1]. Shareholder Structure - As of March 31, 2025, the number of shareholders increased to 146,100, with an average of 0 shares per shareholder [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 92.61 million shares, an increase of 4.10 million shares from the previous period [3].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Insights - The resilience of demand must be paired with the rigidity of supply to support a stable coal price cycle. Developed countries have already entered a downward supply channel, while countries with current supply growth may face similar risks in the future. The combination of supply rigidity and demand resilience is expected to lead to a stable global coal supply-demand pattern [2][7] Summary by Sections Introduction - The report emphasizes that the stability of coal prices requires a logical closure formed by supply rigidity. It explores the long-term perspectives on demand, supply, and costs, aiming to clarify the medium to long-term price center of coal [5][17] Experience from Developed Countries - Coal supply changes are primarily influenced by resource endowment and demand variations. Countries with shrinking coal supply account for about 19% of global supply, including the US, Europe, Japan, South Korea, Australia, and South Africa. Historical trends indicate that long-term coal supply contraction is typically due to resource depletion, long transportation distances, and stringent environmental policies [5][35] Outlook for Growing Countries - China faces supply growth constraints due to resource depletion in Shanxi and central eastern regions. Indonesia and Russia are experiencing rising costs. Countries with ongoing coal supply growth account for approximately 77% of global supply, with China alone accounting for 50%. Future projections indicate potential supply shortages in China and declining production in Indonesia due to increased export costs [6][7] Investment Recommendations - The report suggests that the combination of supply rigidity and demand resilience will prolong the duration of coal price flattening. It recommends several companies for investment based on their performance and market conditions, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [7][9]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The social inventory of coal continues to decline, and the significant rise in futures prices boosts market confidence [6] - The coal sector has shown a mixed performance, with the CITIC coal industry index rising by 1.23%, underperforming the CSI 300 index which increased by 4.18% [2] - The coal supply-demand balance is improving, with a slight decrease in coal prices during the off-season, while coking coal production may see a marginal improvement due to environmental factors [6] Summary by Sections Coal Market Performance - As of August 22, 2025, the average daily coal sales of monitored enterprises were 7.08 million tons, a week-on-week decrease of 1.1% and a year-on-year decrease of 0.7% [2] - The total coal inventory of monitored enterprises (including port storage) was 26.71 million tons, a week-on-week increase of 2% and a year-on-year decrease of 0.8% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 671 CNY/ton, a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the futures settlement price for coking coal was 1,141.5 CNY/ton, a week-on-week decrease of 6.7% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies, with specific recommendations for companies such as China Shenhua, Shaanxi Coal, and others [6] - The overall coal supply-demand structure is expected to improve, with a gradual balance in supply and demand in the second half of the year [6]

Group 1 - The company focuses on enhancing the quality of its party members through a structured education system that includes "theoretical classrooms," "practical classrooms," and "cloud classrooms" to ensure comprehensive and regular training [1][6][8] - The "theoretical classroom" emphasizes a tiered education system for party leaders, implementing a six-in-one learning model that combines various learning methods to improve theoretical literacy and practical application [1][3] - The "practical classroom" utilizes immersive teaching methods by leveraging red educational resources and organizing activities that enhance party members' practical skills and party spirit [4][5] Group 2 - The "cloud classroom" aims to establish a smart education platform that facilitates online training, ensuring that all party members, including those unable to attend in-person sessions, can participate in continuous education [6][7] - The company has developed a dual assessment system for online training to monitor participation and completion rates, ensuring accountability and effectiveness in the training process [7] - The overall approach has transformed the education of party members from a fragmented to a systematic model, significantly improving their political and behavioral standards [7][8]

Group 1 - The coal sector is experiencing a volatile rebound, with significant gains observed in various companies [1] - Anyuan Coal Industry has reached the daily limit increase, indicating strong market interest [1] - Other companies such as Guanghui Energy, Yanzhou Coal Mining, Shaanxi Energy, and Huayang Co. have also seen upward movement in their stock prices [1]