Core Viewpoint - Yanzhou Coal Mining Company Limited reported its first-quarter operational data for 2025, highlighting significant changes in production and sales across its coal and chemical businesses, driven by market conditions and new product launches [1][3]. Group 1: Coal Business - The company’s coal business data for the first quarter of 2025 was released, indicating a focus on adapting to market changes [1]. - The operational data may vary significantly across quarters due to factors such as national macro policies, market environment changes, seasonal factors, adverse weather, equipment maintenance, and safety inspections [2]. Group 2: Chemical Business - The production and sales of full-range liquid paraffin and crude liquid wax products experienced changes primarily due to Shaanxi Future Energy Chemical Co., Ltd.'s flexible production and product structure optimization [1]. - Urea production and sales increased year-on-year, attributed to the commencement of urea production at Yanzhou Lunan Chemical Co., Ltd. in the second quarter of 2024, which was not operational in the same period last year [1]. Group 3: Subsidiary Operations - Yanzhou Coal Mining Company Limited's subsidiary, Yancoal Australia Limited, also released its first-quarter operational data, which is available on the Australian Securities Exchange and Hong Kong Stock Exchange websites [3].

Core Viewpoint - Yancoal Australia reported a decline in coal sales volume in Q1 2025, attributed to inventory consumption and sales timing adjustments, despite a strong coal market [1][2] Group 1: Sales Performance - In Q1 2025, Yancoal's equity sales volume was 8.4 million tons, down 1.1 million tons from the previous quarter [1] - The average sales price for thermal coal was 145 AUD/ton, while metallurgical coal averaged 218 AUD/ton [2] - Overall average sales price for Yancoal in Q1 2025 was 157 AUD/ton, down from 176 AUD/ton in the previous quarter and 180 AUD/ton in Q1 2024 [2] Group 2: Price Index Trends - The average API5 index price was 76 USD/ton, a 13% decrease from Q4 2024 [2] - The GCNewc index averaged 105 USD/ton, reflecting a 24% decline compared to the previous quarter [2] - Low volatile pulverized coal index averaged 140 USD/ton, down 11%, and semi-soft coking coal index averaged 117 USD/ton, down 15% [2] Group 3: Pricing Structure - Yancoal's sales prices are influenced by various factors including market premiums or discounts, washing and product specification capabilities, and available coal for blending [2] - The pricing structure is linked to indices such as the GlobalCOAL Newcastle port export price index and Platts indices for metallurgical coal [1]

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of HKD 34.20 [1][3][7] Core Views - The company achieved a revenue of AUD 6,860 million for the year, a decrease of 12% year-on-year, and a net profit of AUD 1,216 million, down 33% year-on-year. However, operating cash flow increased by 69% to AUD 2,136 million [1][2] - The dividend payout for the year was AUD 687 million, corresponding to a payout ratio of 56%, aligning with the company's guidance for 2024 [1][3] - Despite the decline in coal prices impacting net profit, the company's strong asset base, excellent management capabilities, and attractive dividend yield support the positive outlook [1][3] Summary by Sections Financial Performance - Revenue for FY 2024 is projected at AUD 6,252 million, with a further decline expected in FY 2025 to AUD 6,041 million, reflecting a year-on-year decrease of 8.9% and 3.4% respectively [5][12] - The net profit for FY 2024 is expected to be AUD 941 million, down 22.6% from the previous year, and AUD 912 million for FY 2026, down 3.1% [5][12] - The company reported a cash operating cost of AUD 93 per ton, a decrease of AUD 3 per ton year-on-year, benefiting from increased production [2][5] Market Position - The company’s market share in China has increased, with sales in China expected to rise from 29% to 36% of total sales in 2024, indicating its importance as a key market [2][3] - The long-term demand for thermal coal in India and Southeast Asia is expected to grow, despite supply-side challenges [2] Dividend Policy - The company maintains a dividend policy to distribute at least 50% of net profit or free cash flow, excluding non-recurring items, which supports its high dividend yield [3][5] - After the recent dividend payout, the company retains approximately AUD 1.8 billion in cash, indicating strong liquidity for potential future acquisitions [3][5]

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with a target price adjusted to HKD 37.45, reflecting a potential upside of 30.5% based on an 8.5x FY25 target P/E ratio [4][6][22]. Core Insights - Yancoal Australia's FY24 performance slightly missed expectations, with a 33.2% year-on-year decline in net profit to AUD 122 million, primarily due to higher costs for materials, consumables, and purchased coal [1][4]. - The company's revenue for FY24 decreased by 11.8% to AUD 686 million, influenced by a 24.1% drop in average coal prices [1][4]. - The proportion of revenue from China increased significantly from 20.6% in FY23 to 29.2% in FY24, surpassing Japan as the largest single revenue source [2][4]. Summary by Sections Financial Performance - FY24 net profit was AUD 122 million, down 33.2% from the previous year, while revenue fell to AUD 686 million [1][4]. - The cash operating cost per ton of coal decreased from AUD 96 in FY23 to AUD 93 in FY24, aligning with company guidance [1][4]. - The dividend payout ratio improved from 50.5% to 56.3%, exceeding expectations [1][4]. Production and Cost Guidance - The company set FY25 operational guidance consistent with FY24, targeting coal production of 35-39 million tons and cash operating costs of AUD 89-97 per ton [3][4]. - Production is expected to grow slightly by 0.5% to 37.1 million tons in FY25, with cash operating costs projected to rise to AUD 96 per ton [3][4]. Market Outlook - The report anticipates continued weakness in coal prices, with thermal and metallurgical coal prices expected to decline by 7.1% and 3.7% respectively in FY25, with a rebound expected in FY26 [3][4]. - The sensitivity analysis indicates that a 1% change in average coal prices could lead to a 2.4% change in net profit for FY25 [4][16].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (YAL) with a target price adjusted to HK$36 from HK$38 [1][32]. Core Insights - YAL's net profit for 2024 reached A$1.2 billion, a 33% decline year-on-year, but exceeded expectations by 8% due to unexpected foreign exchange gains of A$149 million [1][2]. - The company announced a final dividend of A$0.52 per share, aligning with its dividend policy and expected to boost investor confidence [1]. - YAL's production guidance for 2025 remains similar to 2024, with an increase in capital expenditure anticipated [1][2]. - The average selling price of coal has decreased, impacting revenue forecasts, leading to a downward revision of earnings estimates for 2025E and 2026E by 13% and 12% respectively [1][32]. Financial Performance Summary - Revenue for 2024 decreased by 12% to A$6.86 billion, despite a 14% increase in coal sales volume to 37.7 million tons, offset by a 24% drop in average selling price to A$176 per ton [2][4]. - The company reported a stable unit cash cost of A$86 per ton in the second half of 2024, with a significant cash balance of A$2.35 billion, representing 30% of its current market capitalization [2][4]. - The earnings forecast for 2025E is A$1.016 billion, reflecting a 16.4% decline from 2024, with a projected revenue of A$6.55 billion [4][35]. Operational Guidance - YAL's 2025 production guidance is set between 35 million to 39 million tons, with operating cash costs expected to range from A$89 to A$97 per ton [2][35]. - Capital expenditure is projected to be between A$750 million to A$900 million, indicating a year-on-year increase of 6% to 28% [2][35]. Valuation Metrics - The report indicates that YAL's valuation is not overly inflated, with a projected P/E ratio of less than 8 times for 2025E and a yield exceeding 6% [1][32]. - The company's market capitalization is approximately HK$37.9 billion, with a current share price of HK$28.70 [5].

Investment Rating - The report maintains a "BUY" rating for Yancoal Australia (YAL) with a target price revised down to HK$36 from HK$38, indicating a potential upside of 25.4% from the current price of HK$28.70 [3][29]. Core Insights - YAL's net profit for 2024 was A$1.2 billion, a decrease of 33% year-on-year, but 8% above estimates due to a significant foreign exchange gain of A$149 million. The company declared a final dividend of A$0.52 per share, with a pay-out ratio of 56%, aligning with its dividend policy and boosting investor confidence [1][9]. - The guidance for 2025 indicates stable output and unit costs compared to 2024, although capital expenditures are expected to increase. Earnings forecasts for 2025 and 2026 have been revised down by 13% and 12% respectively, primarily due to lower coal average selling prices (ASP) and slightly higher cost assumptions [1][29]. Financial Performance Summary - Revenue for FY24 was A$6.86 billion, down 12% year-on-year, with coal sales volume increasing by 14% to 37.7 million tonnes, offset by a 24% decline in blended coal ASP to A$176 per tonne. Other income surged fivefold to A$159 million, driven by the aforementioned FX gain [9][10]. - The company achieved a unit cash cost of A$86 per tonne in 2H24, remaining stable year-on-year, while net cash at the end of 2024 stood at A$2.35 billion, representing 30% of the current market capitalization [9][10]. Earnings Forecast - The earnings forecast for FY25 is A$1.016 billion, reflecting a 16.4% decline from FY24, with a projected EPS of A$0.77. For FY26, net profit is expected to rise slightly to A$1.075 billion, with an EPS of A$0.81 [2][32]. - The report outlines a gradual recovery in revenue growth, with projections of -4.5% for FY25, followed by slight increases of 0.8% and 2.2% in FY26 and FY27 respectively [2][32]. Valuation Metrics - The current P/E ratio is approximately 6.3x for FY24, with a projected decrease to 7.6x for FY25. The dividend yield is expected to decrease from 9.0% in FY24 to 6.6% in FY25 [2][32]. - The report emphasizes that despite the earnings cut, the current valuation remains attractive, with a yield exceeding 6% and a P/E ratio below 8x for FY25 [1][29].

2024 年度，兖煤澳洲公司实现营业收入 68.6 亿澳元，税前利润 16.89 亿澳元，税后利润 12.16 亿澳元；截至 2024 年 12 月 31 日， 总资产 123.56 亿澳元，净资产 93.17 亿澳元（以上财务数据按国际 财务报告准则编制并经会计师审计）。同时，兖煤澳洲公司宣派 2024 年度末期免税股息 6.87 亿澳元，每股约 0.52 澳元。 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://www.hkexnews.hk）发布的公告全文。 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的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"）于 2025 年 2 月 20 日发布了 2024 年度业绩报告。 股票代码：600188 股票简称：兖矿能源 编号：临 2025-003 兖矿能源 ...

Financial Performance - For the fiscal year ending December 31, 2024, Yancoal Australia Ltd reported total revenue of AUD 6.86 billion, a decrease of 12% compared to AUD 7.78 billion in 2023[13]. - The company's profit before tax (excluding non-recurring items) was AUD 1.69 billion, down 35% from AUD 2.58 billion in the previous year[13]. - Shareholders' net profit after tax (excluding non-recurring items) was AUD 1.22 billion, reflecting a 33% decline from AUD 1.82 billion in 2023[13]. - Basic earnings per share (excluding non-recurring items) decreased by 33% to 92.3 cents from 137.8 cents in 2023[13]. - The total dividend distribution for the fiscal year 2024 is expected to be AUD 687 million, compared to AUD 1.41 billion in 2023[15]. - The average coal sales price for 2024 was AUD 176 per ton[90]. - The offshore cash cost (excluding royalties) is reported at AUD 98.30 per ton, influenced by uncontrollable factors such as diesel prices and labor shortages[136]. - The total cash for the short-term incentive plan for 2024 is AUD 2,030,150, with 62% of the plan being deferred[140]. Dividend Information - The company declared a final cash dividend of approximately AUD 687 million, equivalent to AUD 0.52 per share, to be paid on April 30, 2025[4]. - The final dividend is fully tax-exempt income for shareholders[5]. - The board declared a fully franked final dividend of AUD 429 million, equating to AUD 0.3250 per share, payable on April 30, 2024[26]. Production and Operational Performance - Yancoal Australia produced 36.9 million tonnes of saleable coal in 2024, within the guidance range of 35.0 to 39.0 million tonnes[22]. - The cash operating cost for 2024 was AUD 93 per tonne, also within the guidance range of AUD 89 to AUD 97 per tonne, with a significant improvement to AUD 86 per tonne in the second half of the year[22]. - The company achieved a coal production target of 36.9 million tons for 2024, with cash operating costs at AUD 93 per ton[89]. - The total raw coal production is expected to increase by 4% from 60.2 million tons in 2023 to 62.7 million tons in 2024, with significant increases in production from the Yarrabee and Ashton mines[171]. - The company reported a 21% increase in raw coal production, reaching 43,928,044 tons in the 2023/2024 fiscal year compared to 36,440,860 tons in the previous year[191]. Corporate Governance and Compliance - The company’s financial report complies with the disclosure requirements of the Hong Kong Stock Exchange[3]. - Yancoal Australia is committed to high standards of corporate disclosure and transparency, ensuring timely communication with shareholders[27]. - The company has confirmed compliance with the conditions and requirements set by the Hong Kong Stock Exchange for the period from January 1, 2024, to December 31, 2024[31]. - The company has established governance processes to enhance sustainability performance, focusing on risk management related to social and environmental factors, including climate change[196]. Executive Compensation - The total cash compensation for the CEO, David James Moult, in 2024 is AUD 1,837,332, which includes a short-term incentive of AUD 1,223,800[147]. - The total cash compensation for the Executive Director, Yue Ning, in 2024 is AUD 536,334, with a short-term incentive of AUD 370,550[147]. - The total cash compensation for the CFO, Su Ning, in 2024 is AUD 589,335, including a short-term incentive of AUD 435,800[147]. - The total remuneration for all executives in 2024 amounts to AUD 2,963,001, reflecting a 61% performance-related component[147]. - The company has a competitive executive compensation framework aimed at attracting and retaining top talent, with a focus on aligning pay with shareholder performance[94]. Safety and Environmental Initiatives - The rolling Total Recordable Injury Frequency Rate (TRIFR) for the year was 6.7, below the industry average of 9.0[90]. - The company is committed to improving safety through initiatives like the "Yancoal Safety Every Day" program and a mental health program, which has reached its fourth phase[182]. - Total Scope 1 and Scope 2 emissions increased by 6%, totaling 2,086,402 tons of CO2 equivalent, up from 1,969,116 tons in the previous fiscal year[191]. - The company is actively researching emission reduction technologies to lower the number of required Australian Carbon Credit Units (ACCUs)[186]. Strategic Outlook - The future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by market expansion strategies[67]. - The company is actively pursuing partnerships to expand its market presence in Asia-Pacific regions, aiming for a 20% increase in market share by 2026[67]. - Strategic acquisitions are planned, targeting companies that enhance operational efficiency and market reach, with an estimated investment of AUD 50 million[67]. Market and Customer Insights - Revenue from coal sales in 2024 is expected to be significantly influenced by demand from customers in China, Japan, Taiwan, and South Korea, which accounted for approximately 86% of sales[164]. - The company is actively seeking to expand its customer base and explore new markets to mitigate the impact of market fluctuations[167].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with a target price of HKD 40.00, indicating a potential upside of 33.3% based on the current price of HKD 30.00 [4][6][17]. Core Insights - Yancoal Australia's FY24 operational performance is largely in line with expectations, with a 10% year-on-year increase in equity coal production to 36.9 million tons, slightly above the company's guidance of 35-39 million tons [1]. - The average selling price for thermal coal in FY24 decreased by 24% year-on-year to AUD 160 per ton, while metallurgical coal prices fell by 22% to AUD 276 per ton [2]. - The recent change in CEO is not expected to significantly impact the company's operations, as the new acting CEO has over 20 years of experience in coal mining operations and management [3]. Summary by Sections Operational Performance - FY24 equity coal production reached 36.9 million tons, a 10% increase from the previous year, exceeding the forecast of 35.7 million tons by 3% [1]. - Thermal coal sales increased by 15% to 32.5 million tons, slightly below the forecast of 32.9 million tons [1]. - Metallurgical coal sales rose by 10% to 5.2 million tons, surpassing the forecast of 4.6 million tons by 14% [1]. Pricing Trends - The average selling price for thermal coal in FY24 was AUD 160 per ton, down 24% year-on-year but 1% higher than the forecast [2]. - The average selling price for metallurgical coal in FY24 was AUD 276 per ton, which is 5% lower than the forecast [2]. Financial Projections - Revenue for FY24 is projected at AUD 6.798 billion, reflecting a 12.6% decrease from FY23 [5]. - Shareholder net profit is expected to decline by 28.6% to AUD 1.298 billion in FY24 [5]. - The earnings per share (EPS) for FY24 is forecasted at AUD 0.98, with a price-to-earnings (P/E) ratio of 6.0 times [5]. Market Position - Yancoal Australia is supported by its parent company, Yancoal Energy, which provides effective backing for its operations [3]. - The company has a market capitalization of approximately HKD 39.61 billion, with a circulating share ratio of 15.23% [6].

Investment Rating - The report initiates coverage on Yancoal Australia (3668 HK) with a "Buy" rating and a target price of HKD 40.00, implying a 21.6% upside potential [1][4][47] Core Views - Yancoal Australia is a Chinese state-owned coal mining company with operations in Australia, producing both thermal coal for power generation and metallurgical coal for the steel industry [1] - The company is well-positioned to benefit from the rebound in demand, particularly from China, as trade cooperation between China and Australia strengthens [1][16] - Thermal coal prices are expected to remain supported due to ongoing geopolitical risks, increasing thermal power generation in China, and stable demand from other Asian regions [1][22] - Metallurgical coal prices are expected to follow the recovery in the steel market, supported by recent government measures to stabilize the real estate sector in China [2][27] - The company is expected to see a rebound in earnings by FY26, driven by higher thermal and metallurgical coal prices and increased thermal coal sales [3][37] Financial Performance and Forecasts - FY24 revenue is expected to decline by 12.6% to AUD 6.8 billion due to lower coal prices, with net profit attributable to shareholders expected to drop by 28.6% to AUD 1.3 billion [3][37] - FY25 net profit is forecasted to decline by 6.1% to AUD 1.2 billion, but a rebound of 5.4% is expected in FY26 to AUD 1.3 billion, driven by higher coal prices and increased sales [3][37] - Thermal coal sales are expected to grow at a CAGR of 6.8% from FY23 to FY26, reaching 34.6 million tons, while metallurgical coal sales are expected to recover slightly in FY25 and FY26 [31][34] - The company's unit cash operating cost (excluding royalties) is expected to increase from AUD 92/ton in FY24 to AUD 98/ton in FY26 [38] Sensitivity Analysis - A 1.0% change in thermal coal prices in FY24 would result in a 2.44% change in net profit, while a 1.0% change in metallurgical coal prices would result in a 0.62% change [3][40] - In FY25, a 1.0% change in thermal coal prices would impact net profit by 2.73%, and a 1.0% change in metallurgical coal prices would impact net profit by 0.65% [41] - For FY26, a 1.0% change in thermal coal prices would impact net profit by 2.66%, and a 1.0% change in metallurgical coal prices would impact net profit by 0.62% [41] Dividend Policy - The company has maintained a high dividend payout ratio, with FY22-23 payout ratios of 45.2% and 50.5%, respectively [42] - The dividend payout ratio is expected to remain at 49.8% for FY24-26 [42][43] Valuation and Peer Comparison - The company's FY25 P/E ratio of 7.0x is below the peer average of 7.1x, suggesting potential for higher valuation given the expected earnings rebound and increased export opportunities to China [47] - The target price of HKD 40.00 implies an 8.5x FY25 P/E ratio and a 21.6% upside potential [1][47] Operational Highlights - Yancoal Australia operates 7 mines in Australia, with a total annual production capacity of 70 million tons of raw coal and 55 million tons of saleable coal [17] - Thermal coal accounts for 77.0% of the company's coal sales revenue in 1H24, while metallurgical coal contributes 21.4% [17] - China is the largest revenue contributor, accounting for 33.2% of coal sales revenue in 1H24, followed by Japan (23.4%), Taiwan (16.7%), and South Korea (15.1%) [17][20]