招银国际发表研究报告指，兖煤澳大利亚第三季产量按年跌9%，受到降雨影响；而销量按年升3%，因 早前延迟出货的情况有所改善。期内综合平均售价按年下降18%，大致符合市场趋势。该行估算公司第 三季收入约为14.8亿澳元，按年跌17%，按季升30%。 该行将兖煤澳大利亚2025至27财年盈利预测分别下调54%、49%及40%，主要因动力煤与冶金煤的平均 售价预测下调，但部分被Moolarben矿场权益增加带动销量预测微升2%所抵销。虽然煤炭价格疲弱令股 份短期欠缺催化剂，该行仍维持"买入"评级，基于集团稳健的资产负债表及持续的派息政策，目标价由 34港元降至31港元。 ...

3）3Q25售价环比下滑：自产商品煤综合售价140澳元/吨，同比/环比-18%/-1.4%。其中动力煤售价130 澳元/吨，同比-17%，环比持平（美元计价下，3Q25 5500大卡澳煤市场价同比/环比-21%/+1.5%，6000 大卡澳煤市场价同比/环比-23%/+9%）；炼焦煤售价195澳元/吨，同比/环比-25%/-1%（美元计价下， 3Q25澳洲峰景矿主焦煤市场价同比/环比-13%/-0.5%）。公司煤炭售价弱于市场价，主要是受发货延 迟、销售价格滞后、美元兑澳元贬值等影响； 4）现金保持相对充裕。截至3Q25，公司现金余额18亿澳元。 5）公司维持2025年度指引不变，即3,500-3,900万吨权益商品煤产量（公司预计全年产量靠近区间上 方，与此前指引一致），89-97澳元/吨现金运营成本（公司预计全年成本处于区间中值附近，而此前公 司提示了成本存在低于中值的潜力），7.5-9.0亿澳元权益资本开支。 智通财经APP获悉，中金发布研报称，考虑成本假设上调，下调兖煤澳大利亚(03668) 2025E盈利11.5% 至4.73亿澳元，维持2026E盈利基本不变，当前股价对应14.4x/8.9x的20 ...

Core Viewpoint - Yancoal Australia shares fell over 4%, closing at 27.48 HKD [2] Company Summary - Yancoal Australia experienced a significant decline in stock price, indicating potential market concerns or negative sentiment surrounding the company [2]

兖煤澳大利亚(03668)跌近4%，截至发稿，跌3.7%，报27.62港元，成交额1861.38万港元。 消息面上，10月20日，兖煤澳大利亚发布截至2025年9月30日止第三季度报告，尽管本季度受到降雨因 素干扰，但原煤总产量与公司预测一致。商品煤总产量为1230万吨(100%基准)，与前一季度持平。如预 期，由于弥补了第二季度末因天气因素导致船运延迟而产生的销售缺口，本季度的权益销量高于权益产 量。 2025年第三季度整体煤炭销售价格为140澳元/吨，其中动力煤销售价格保持稳定，冶金煤销售价格环比 下降1%，销售价格综合反映了煤炭价格指数、汇率和销售合约结构的滞后效应。 2025年运营指引(保持不变)：权益商品煤产量为3500至3900万吨—产量目前高于区间中值，全年产量可 能会达到区间上端。现金运营成本为89至97澳元/吨—2025年上半年93澳元/吨，我们预计全年将处于区 间中位水平。权益资本开支为7.50至9.00亿澳元—推进顺利，预计在指引范围内。 ...

2025年第三季度整体煤炭销售价格为140澳元/吨，其中动力煤销售价格保持稳定，冶金煤销售价格环比 下降1%，销售价格综合反映了煤炭价格指数、汇率和销售合约结构的滞后效应。 2025年运营指引(保持不变)：权益商品煤产量为3500至3900万吨—产量目前高于区间中值，全年产量可 能会达到区间上端。现金运营成本为89至97澳元/吨—2025年上半年93澳元/吨，我们预计全年将处于区 间中位水平。权益资本开支为7.50至9.00亿澳元—推进顺利，预计在指引范围内。 智通财经APP获悉，兖煤澳大利亚(03668)跌近4%，截至发稿，跌3.7%，报27.62港元，成交额1861.38万 港元。 消息面上，10月20日，兖煤澳大利亚发布截至2025年9月30日止第三季度报告，尽管本季度受到降雨因 素干扰，但原煤总产量与公司预测一致。商品煤总产量为1230万吨(100%基准)，与前一季度持平。如预 期，由于弥补了第二季度末因天气因素导致船运延迟而产生的销售缺口，本季度的权益销量高于权益产 量。 ...

Financial Data and Key Metrics Changes - The company reported a cash balance of $1.8 billion at the end of the quarter, following an interim dividend payment of approximately $82 million [16][63] - Cash operating costs were A$93 per ton, consistent with the previous year and within the guidance range of A$89–97 per ton [4][16] - The company is tracking to be in the upper half of the production guidance range of 35 to 39 million tons for the full year [4][63] Business Line Data and Key Metrics Changes - The company produced 15.8 million tonnes of ROM coal, translating to 12.3 million tonnes of salable coal, with an attributable share of 9.3 million tonnes [7][10] - Attributable sales volume increased by 31% compared to the June quarter, reaching 10.7 million tonnes [5][11] - The two Hunter Valley open cut mines performed well, with a 14% increase in attributable salable coal over the June quarter [9] Market Data and Key Metrics Changes - International coal prices remained under pressure, with average realized prices for thermal coal at A$130 per ton and metallurgical coal at A$195 per ton [15] - The average prices for the indices improved marginally, with the API 5 index averaging $69 per ton and the Global Coal Newcastle index averaging $109 per ton [14] - Total global seaborne trade is down 11% year-to-date, with Australian exports down 9% due to poor geological conditions [12][13] Company Strategy and Development Direction - The company aims to maximize operational performance and drive value generation for shareholders [3] - The focus remains on maintaining controllable cost discipline while navigating external cost pressures [4][16] - The company is evaluating opportunities for growth, particularly during cyclical downturns in the market [42][63] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging coal market conditions but expressed optimism about the company's strong operational performance and financial position [63] - The company is well-positioned for an upswing in coal prices due to its tier-one assets operating in the bottom quartile of the cost curve [63] - Management expects to deliver production in the upper half of the guidance range, which would be the best performance in many years [63] Other Important Information - The company has encountered external and temporary cost pressures through the Port of Newcastle, impacting second-half cash operating costs [4][16] - The company is focused on achieving sales volumes that were delayed in the previous quarter due to disruptions [11][28] Q&A Session Summary Question: How is the breakdown of cash costs looking right now, particularly transportation costs? - The CFO noted that cash operating costs remain consistent, with some savings from diesel, but transportation costs have seen temporary increases due to wet weather and port issues [20][22] Question: How much inventory remains unsold at the end of the September quarter? - The company is in a comfortable position regarding unsold inventory and is focused on achieving sales while monitoring vessel arrivals closely [28] Question: What is the outlook on Queensland royalties? - The CFO stated that there are no anticipated changes to Queensland royalties at this time [58] Question: Has there been any change in the view on per tonne production costs? - Management confirmed that while external pressures are affecting costs, they still expect to be around the midpoint of the guidance range for the full year [45] Question: What is the expected profit for the upcoming quarter? - The company does not provide profit forecasts but offers guidance on production, cost, and capital expenditure ranges [51]

Financial Data and Key Metrics Changes - The company is tracking to be in the upper half of the production guidance range of 35-39 million tons for the full year, potentially reaching the upper quartile [4] - Cash operating costs were AUD 93 per ton at the half-year, consistent with the guidance range of AUD 89–AUD 97 per ton [4][16] - The company ended the quarter with a cash balance of $1.8 billion after paying an interim dividend of approximately $82 million [16] Business Line Data and Key Metrics Changes - The company produced 15.8 million tons of ROM coal, translating to 12.3 million tons of salable coal, with an attributable share of 9.3 million tons, all in line with forecasts [7][9] - Attributable sales volume was 10.7 million tons, which was 31% higher than the June quarter, recovering from previous delays [11] Market Data and Key Metrics Changes - International coal prices remained under pressure, with average realized prices for thermal coal at AUD 130 per ton and metallurgical coal at AUD 195 per ton [15] - The average prices for the indices improved marginally, with the API 5 index averaging $69 per ton and the Global Coal Newcastle index averaging $109 per ton [14] Company Strategy and Development Direction - The company aims to maximize operational performance and drive value generation for shareholders, focusing on maintaining controllable cost discipline [3][4] - The company is exploring opportunities for growth, particularly during cyclical downturns, while maintaining a strong financial position [42] Management Comments on Operating Environment and Future Outlook - Management acknowledged external and temporary cost pressures affecting cash operating costs but remains optimistic about maintaining costs within the guidance range [4][16] - The company is positioned well for an upswing in coal prices, with a strong operational performance and disciplined cost control [62] Other Important Information - The company has achieved a downward trend in total recordable injury frequency rate, which was 5.71% at the end of September, below the industry average [6] - The company is maintaining a strong financial position with no interest-bearing debt and good access to debt markets [62] Q&A Session Summary Question: Breakdown of cash costs and transportation costs - The CFO indicated that cash operating costs remain consistent, with some savings from diesel, but transportation costs are impacted by wet weather and port usage [20][22] Question: Inventory levels and sales recovery - The company reported that sales volumes were recovered in Q3 due to previous delays, and they are in a comfortable position regarding unsold inventory [28] Question: Capital expenditure for the third quarter - The CFO confirmed that capital expenditure is consistent with guidance and is primarily driven by fleet upgrades and heavy equipment [33] Question: Changes in production cost expectations - Management noted that while they previously hoped to move below the midpoint of the cost guidance, they now expect to remain around the midpoint due to external pressures [44] Question: Outlook on Queensland royalties - The CFO stated that there are no anticipated changes to Queensland royalties at this time [57] Question: Potential mergers and acquisitions - Management reiterated that they do not comment on specific scenarios but are exploring opportunities in the context of the current market conditions [55][56]

Financial Data and Key Metrics Changes - The company reported a cash balance of $1.8 billion at the end of the quarter, following an interim dividend payment of approximately $82 million, with no interest-bearing debt remaining [15][36] - Cash operating costs were A$93 per ton, consistent with the previous year, and the company aims to maintain costs around the midpoint of the A$89–97 per ton guidance range for the full year [4][15][40] Business Line Data and Key Metrics Changes - The company produced 15.8 million tonnes of ROM coal, translating to 12.3 million tonnes of salable coal, with an attributable share of 9.3 million tonnes, all in line with forecasts [6][9] - Attributable sales volume increased by 31% compared to the June quarter, reaching 10.7 million tonnes, recovering from previous delays due to disruptions at the Port of Newcastle [5][11] Market Data and Key Metrics Changes - International coal prices remained under pressure, with average realized prices for thermal coal at A$130 per ton and metallurgical coal at A$195 per ton, resulting in an overall average realized sales price of A$140 per ton, slightly down from A$142 per ton in the prior quarter [14][46] - The API 5 index averaged $69 per ton, and the Global Coal Newcastle index averaged $109 per ton during the quarter, with some improvement noted in the indices [13][14] Company Strategy and Development Direction - The company is focused on maximizing operational performance and driving value generation for shareholders, with expectations to deliver production in the upper half of the guidance range for the year [3][55] - The management emphasized maintaining cost discipline and operational efficiency as a competitive advantage, particularly in a challenging market environment [55] Management Comments on Operating Environment and Future Outlook - The management acknowledged external and temporary cost pressures affecting the sector, particularly through the Port of Newcastle, but remains optimistic about returning to normal operating conditions [4][40] - There is cautious optimism regarding the coal market, with indications that prices may have reached cyclical lows, and the company is well-positioned for potential upswing in coal prices [55] Other Important Information - The company has a strong financial position with $1.8 billion in cash and good access to debt markets, allowing for the evaluation of growth opportunities [55] - The company is actively assessing potential mergers and acquisitions, particularly during the cyclical downturn, while maintaining a disciplined approach to capital allocation [36][38] Q&A Session Summary Question: How is the breakdown of cash costs looking, particularly transportation costs? - The CFO indicated that cash operating costs remain consistent, with some savings from diesel, but transportation costs have seen temporary increases due to wet weather and port issues [18][20] Question: What is the current inventory situation and sales outlook? - The company reported a comfortable sales position, having recovered delayed sales volumes from Q2, and is maintaining a focus on logistics to ensure timely deliveries [24][25] Question: What is the outlook for capital expenditure? - The company confirmed that capital expenditure is on track within the guidance range of A$750 to A$900 million, primarily driven by fleet upgrades and heavy equipment investments [28][51] Question: What is the expected profit for the upcoming quarter? - The company does not provide profit forecasts but maintains guidance on production, cost, and capital expenditure ranges [43] Question: Any updates on Queensland royalties? - The company does not anticipate changes to Queensland royalties at this time [50]

Financial Data and Key Metrics Changes - The company reported a cash balance of AUD 1,800,000,000 at the end of the quarter, following the payment of an interim dividend of approximately AUD 82,000,000, and remains free of interest-bearing debts [20][21][75] - Cash operating costs were AUD 93 per tonne at the half-year mark, which is in the middle of the guidance range of AUD 89 to AUD 97 per tonne [5][20] - The company is tracking to be in the upper half of its production guidance range of 35,000,000 to 39,000,000 tonnes for the full year [4][75] Business Line Data and Key Metrics Changes - The company produced 15,800,000 tonnes of ROM coal, translating to 12,300,000 tonnes of saleable coal, with an attributable share of 9,300,000 tonnes, all in line with forecasts [7][8][12] - Saleable coal production increased by 14% compared to the previous quarter, despite wet weather disruptions [11][12] - Attributable sales volume was 10,700,000 tonnes, which is 1% higher than the previous quarter [14] Market Data and Key Metrics Changes - International coal prices remained under pressure, with average realized prices for thermal coal at AUD 130 per tonne and metallurgical coal at AUD 195 per tonne [18] - The average overall realized sales price was AUD 140 per tonne, slightly down from AUD 142 per tonne in the prior quarter [18] - Total global seaborne trade is down 11% year-to-date, with Australian exports down 9% due to poor geological conditions [16] Company Strategy and Development Direction - The company aims to maximize operational performance and drive value generation for shareholders, focusing on maintaining controllable cost discipline [4][75] - The management is optimistic about the potential for recovery in coal prices, emphasizing the company's strong financial position and ability to explore opportunities during cyclical downturns [49][75] - The company is committed to maintaining a strong operational performance and cost control, which is seen as a competitive advantage [74][75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external and temporary cost pressures affecting cash operating costs but expects to deliver unit costs around the midpoint of the guidance range for the full year [5][20] - There is cautious optimism regarding the coal market, with indications that prices may have reached cyclical lows [18][75] - The company is closely monitoring the impact of weather conditions and logistics on sales and production [14][41] Other Important Information - The company has a strong balance sheet and good access to debt markets, allowing for the evaluation of potential growth opportunities [75] - The management highlighted the importance of maintaining a low-risk sales position and the ability to take advantage of spot opportunities in the market [32] Q&A Session Summary Question: How is the breakdown of cash costs looking, particularly transportation costs? - The CFO noted that transportation costs are largely fixed and will be supported by increased production, but temporary increased costs from the Port of Newcastle are expected due to weather disruptions [23][26][27] Question: What is the current inventory situation and outlook for sales recovery? - The Executive General Manager of Marketing and Logistics stated that the company is in a comfortable low-risk scenario regarding sales and is focused on recovering delayed sales volumes from the previous quarter [32] Question: What is the capital expenditure incurred in the third quarter? - The CFO confirmed that capital expenditure is consistent with guidance and is primarily driven by fleet upgrades and heavy equipment investments [36][37] Question: Is there any change in the view on per tonne production costs? - Management acknowledged that while there were hopes to move below the midpoint of the cost guidance, current expectations are to remain around the midpoint due to external pressures [51][52] Question: What is the outlook on Queensland royalties? - Management indicated that there are no anticipated changes to Queensland royalties at this time [68] Question: What is the expected profit for the upcoming quarter? - The company does not provide profit forecasts but offers guidance on production, cost, and capital expenditure ranges [58] Question: What are the implications of potential mergers and acquisitions? - Management reiterated that they do not comment on specific scenarios but emphasized the company's strong financial position to explore opportunities [66][67]

股票代码：600188 股票简称：兖矿能源 编号：临2025-063 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。 兖矿能源集团股份有限公司控股子公司兖煤澳大利亚有限公司（"兖煤澳洲公司"，澳大利亚证券交易所 上市代码"YAL"、香港联合交易所有限公司上市代码"03668"）发布了2025年第三季度运营数据公告， 主要情况如下表： 单位：百万吨 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。 经兖矿能源集团股份有限公司（"公司"）内部统计，2025年第三季度，公司及其附属公司煤炭业务、煤 化工业务主要运营数据如下表： 单位：万吨 注： ①公司于2025年第三季度合并了山东能源集团西北矿业有限公司的财务报表，根据中国会计准则，构成 了同一控制下企业合并，公司对以前期间相关数据进行了追溯调整。 投资者如需了解详情，请参见兖煤澳洲公司在澳大利亚证券交易所网站（http://www2.asx.com.au）及香 港联合交易所有限公司网站（http:/ ...