| 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | Yancoal Australia Ltd | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | Yancoal Australia Ltd 為一間於澳洲註冊成立的公司，因此沒有法定股本及面值的概念。 | | | 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 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03668 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數 ...

Group 1 - Yancoal Australia (03668) announced the appointment of Mr. Sharif B. as the new CEO, effective from September 8, 2025 [1] - Mr. Yue Ning will no longer serve as the acting CEO of the company, effective from September 8, 2025 [1]

Group 1 - Yancoal Australia (03668.HK) announced the appointment of Sharif Bura as the new CEO, effective from September 8, 2025 [1] - Mr. Yue Ning will no longer serve as the acting CEO of the company, effective from September 8, 2025 [1]

Core Viewpoint - Yancoal Australia has appointed Mr. Sharif Bura as the new CEO, effective from September 8, 2025, while Mr. Yue Ning will no longer serve as the acting CEO from the same date [1] Group 1 - Yancoal Australia announced the appointment of a new CEO [1] - The effective date for the new CEO's appointment is September 8, 2025 [1] - The current acting CEO, Mr. Yue Ning, will step down from his position on the same date [1]

澳洲證券交易所、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的內容概不負責，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分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 兗煤澳洲有限公司 ACN 111 859 119 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號：3668） （澳洲股份代號：YAL） 首席執行官委任 兗煤澳大利亞有限公司（「兗煤澳洲」或「本公司」）連同其附屬公司（「本集團」 ）欣然宣佈委任沙瑞夫·布拉先生擔任兗煤澳洲新的首席執行官（「首席執行官」） ，自2025年9月8日起生效。岳寧先生將不再擔任公司代理首席執行官職務，自2025年9 月8日生效。 布拉先生（51歲）是一位經驗豐富的礦業高管，擁有28年包括露天及井工礦開採、業 務提升與技術研究、以及盡職調查和資產評估等方面的經驗。 在過去12年中，布拉先生在兗煤澳洲擔任過多個重要職務，包括：運營服務總經理、 採購與重大合同總經理、運營改進/業務提升總經理，以及健康、安全與可持續發展執 行總經理，並現任兗煤澳洲執行委員會成員。 董事會認為，布拉先生廣泛 ...

报告指，量价齐增助力公司盈利改善修复。量方面，该行预计随着天气等扰动因素缓解，公司下半年销 量有望实现双位数环比增长。价格方面，6月以来煤价呈回升态势，截至8月15日澳洲5500大卡/纽卡斯 尔6000大卡动力煤价格分别为71/111美元，较次季均价的68/99美元回升。在供给边际收缩、供暖期补库 需求提振的作用下，预期下半年煤价整体回升。该行维持对其"跑赢行业"评级，目标价下调6%至29港 元。 中金发表研报指，兖煤澳大利亚上半年业绩低于该行预期，经营性EBITDA为5.95亿澳元，按年跌 40%；净利润1.63亿澳元，按年跌61%，每股盈利0.124澳元，低于该行预期，该行认为主要是成本和费 用端高于预期。 ...

Core Viewpoint - The company's 1H25 performance fell short of expectations, with significant declines in both EBITDA and net profit due to higher costs and expenses [1][2]. Financial Performance - 1H25 operating EBITDA was AUD 595 million, down 40% year-on-year; net profit attributable to shareholders was AUD 163 million, down 61% year-on-year, with earnings per share at AUD 0.124, below expectations [1]. - 1H25 coal production increased to approximately 18.9 million tons, up 11% year-on-year, while sales volume decreased to approximately 16.6 million tons, down 2% year-on-year [1][2]. - The average selling price for self-produced coal was AUD 149 per ton, down 15% year-on-year [2]. Sales and Pricing - 1H25 sales of thermal coal were 13.8 million tons, down 7% year-on-year, while coking coal sales were 2.8 million tons, up 40% year-on-year [1][2]. - The cash operating cost per ton of coal (excluding royalties) was AUD 105, up 4% year-on-year, while the cash cost per ton based on production was AUD 93, down 8% year-on-year [2]. Capital Expenditure and Cash Flow - Capital expenditure for 1H25 was AUD 407 million, with free cash flow estimated at AUD 66 million [2]. - As of the end of 2Q25, the company held AUD 1.8 billion in cash, with a net cash position of AUD 1.67 billion [2]. Future Outlook - The company expects full-year coal production to be at the upper end of the guidance range of 35-39 million tons, with cash costs per ton expected to be at the lower end of the guidance range of AUD 89-97 [2]. - The company announced an interim dividend of AUD 0.062 per share, resulting in a payout ratio of 50% based on net profit for 1H25 [2]. Market Trends - The company anticipates a recovery in sales volume in the second half of the year, driven by easing weather disruptions [3]. - Coal prices have shown signs of recovery since June, with prices for Australian coal increasing compared to 2Q25 averages [3]. Earnings Forecast and Valuation - Earnings estimates for 2025 and 2026 have been revised down by 37% and 7% to AUD 535 million and AUD 747 million, respectively [3]. - The current stock price corresponds to a P/E ratio of 13.6x for 2025 and 9.3x for 2026, with a target price adjustment of 6% down to HKD 29, implying a 3% upside potential [3].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with a target price adjusted to HKD 34.70, reflecting a potential upside of 22.9% and a target P/E ratio of 8.5 times for FY25 [4][6][20]. Core Views - The mid-year performance for FY25 was slightly disappointing, with a year-on-year decline in revenue and net profit of 14.8% and 61.2%, respectively, due to lower average coal prices and temporary weather-related logistics issues [1][2]. - However, the outlook for the second half of FY25 is expected to improve, driven by seasonal energy demand and policy changes in China, leading to a forecasted rebound in coal prices [2][3]. Summary by Sections Financial Performance - For the first half of FY25, Yancoal reported revenue of AUD 268 million and a net profit of AUD 16 million, down from the previous year [1]. - The average coal price fell by 15.3% to AUD 149 per ton, with thermal and metallurgical coal prices decreasing by 11.5% and 35.1%, respectively [1]. - Despite an 11.1% increase in coal production to 18.9 million tons, sales volume dropped by 1.8% to 16.6 million tons due to logistical challenges [1]. Future Outlook - The report anticipates a narrowing of the year-on-year decline in coal prices for FY25, with expected average prices of AUD 149 for thermal coal and AUD 219 for metallurgical coal [2]. - The forecast for total coal sales volume for FY25 is projected to increase by 1.3% to 38.2 million tons, with a sales-to-production ratio of 97.2% [2]. Operational Guidance - Yancoal maintains its operational guidance for FY25, targeting coal production between 35 million to 39 million tons, cash operating costs of AUD 89-97 per ton, and capital expenditures of AUD 750-900 million [3]. Adjusted Profit Forecasts - The report adjusts the net profit forecasts for FY25-27 downwards by 9.3%, 8.0%, and 11.0%, respectively, reflecting the updated expectations based on mid-year performance [4][5].

中金发布研报称，考虑到煤价下调等假设，下调兖煤澳大利亚(03668)2025/26E盈利37%/7%至5.35/7.47 亿澳元。当前股价对应港股2025/26E市盈率为13.6倍/9.3倍。考虑到公司较可比同行具备一定成本优 势，该行维持跑赢行业评级，随着需求边际改善，叠加7月以来"反内卷"政策在行业中持续发酵，看好 2025-2026年基本面保持韧性，切换至2026年估值，下调目标价6%至29港元，对应港股14.0倍2025E市 盈率和9.6倍2026E市盈率，隐含3%上行空间。 中金主要观点如下： 1H25业绩低于该行预期 1H25吨煤现金经营成本(不含特许权使用费)105澳元，同比+4%，主要是销量相对偏低导致摊薄减少， 而以单位产量计算的吨现金成本为93澳元，同比-8%。资本开支4.07亿澳元，该行测算自由现金流0.66 亿澳元。截至2Q25末公司持有现金18亿澳元，对应净现金16.7亿澳元。公司预计全年权益商品煤产量或 处3,500-3,900万吨指引区间上端，吨煤现金成本处于89-97澳元指引区间下端，资本开支处于7.5-9.0亿澳 元指引区间内。宣布中期股息0.062澳元/股。以净利润计算，1 ...

兖煤澳大利亚(3668.HK)盘中一度跌超9%，报28.46港元，创6月11日以来新低。公司公布截至今年6月底止中期业绩，股东应占盈利1.63亿澳元，同比跌 61.2%，派中期息0.062澳元。 ...