Core Viewpoint - Yancoal Australia (3668.HK) experienced a significant decline in stock price, dropping over 9% to 28.46 HKD, marking the lowest point since June 11 [1] Financial Performance - The company reported a shareholder profit of 163 million AUD for the interim period ending June, representing a year-on-year decrease of 61.2% [1] - A mid-term dividend of 0.062 AUD was declared [1]

Group 1 - The core viewpoint of the article highlights that Yancoal Australia (03668) experienced a significant decline in its stock price following the release of its interim results, with a drop of over 9% and a current price of 28.98 HKD [1] - Yancoal Australia's interim performance showed a revenue of 2.675 billion AUD, a year-on-year decrease of 14.75%, and a shareholder profit of 163 million AUD, down 61.19% compared to the previous year [1] - The company announced a proposed interim dividend of 0.062 AUD per share, with basic earnings per share reported at 12.4 AUD cents [1] Group 2 - The decrease in revenue was primarily attributed to a 16% decline in coal sales revenue, which fell from 3.030 billion AUD in the same period last year to 2.558 billion AUD in the first half of this year [1] - Yancoal Australia reported that its equity sales volume reached 8.1 million tons in the second quarter of 2025, remaining stable compared to the previous quarter, but down 1.3 million tons from the equity commodity coal production [1] - Adverse weather conditions led to temporary port closures, delaying planned shipments from the current quarter to the third quarter, although the company still expects to deliver the delayed shipments during the third quarter of 2025 [1]

Financial Data and Key Metrics Changes - Long coal production was 32.2 million tonnes, and attributable sellable coal production was 18.9 million tonnes, tracking well against full year production guidance [4] - Cash operating costs were $93 per tonne, flat compared to the previous year, with an implied cash operating margin of $40 per tonne [5][11] - Revenue for the first half was $2.68 billion, with operating EBITDA of $595 million at a 23% margin, reflecting a 15% decrease in revenue compared to the previous year [5][30] - Profit after tax was $163 million, with a fully franked interim dividend of $82 million declared, representing a 50% payout ratio [6][34] Business Line Data and Key Metrics Changes - ROM coal and saleable coal production were 15% to 16% higher than the first half of the previous year, while attributable sales were effectively flat due to temporary disruptions [10] - Attributable saleable coal was up 11% compared to the previous year, indicating strong operational performance despite challenges [12] Market Data and Key Metrics Changes - Realized thermal coal price was $138 per tonne, down 12% from the previous year, while metallurgical coal price was $207 per tonne, down 35% [23][24] - The company observed cuts to supply from Indonesia (12%) and Colombia (24%), which could support a recovery in international thermal coal prices [23] Company Strategy and Development Direction - The company aims to maintain low cash operating costs and optimize production volumes, product quality, and efficiency metrics to deliver the best outcomes for shareholders [36] - There is a focus on operational recovery and maintaining production guidance of 35 to 39 million tonnes for the full year [36] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical events and weather disruptions impacted sales and logistics, but they are optimistic about recovering delayed shipments in the third quarter [20][30] - The company is confident in the demand for metallurgical coal, particularly from India and Southeast Asia, as these regions are expected to see growth [56] Other Important Information - The company retains a strong balance sheet with $1.8 billion in cash and no external debt, providing flexibility for future growth opportunities [6][34] - The capital expenditure guidance for 2025 is set at $750 million to $900 million, with ongoing investments required to ensure productivity [36] Q&A Session Summary Question: Why is the decline in profit from certain mines more drastic than others? - Management attributed this to the drop in API five prices, which affected margins, particularly from low CV coal [40][42] Question: Is the year-over-year increase in coal royalty per sellable tonne due to the royalty rate change? - The increase is due to both the royalty rate change and lower coal prices, resulting in a relatively flat royalty across periods [45][48] Question: How likely is it that inventory will be digested by year-end? - Management is on schedule to catch up on first-half underperformance and aims to reduce inventory by the end of August or early September [51][54] Question: What are the growth opportunities for coking coal outside of China? - Significant growth opportunities are seen in India and Southeast Asia, driven by infrastructure plans and GDP growth [56] Question: Are there plans for further expansion in coal production volume? - The company is focused on optimizing existing assets for productivity rather than significant expansions at this time [57][59] Question: What is the expected sales mix for 2025? - The sales mix is expected to remain relatively consistent, with minor variations due to production impacts from weather [80][82] Question: What is the interest rate on the cash balance held? - The company is currently receiving between 4% to 5% on its cash balance [85] Question: Will Yancoal consider acquisitions in China? - While open to growth opportunities, competing against the majority shareholder in China may not be practical [100] Question: How does the company assess potential M&A opportunities? - The company evaluates all opportunities in the best interest of shareholders, maintaining a strong balance sheet to support growth [90][92]

Financial Data and Key Metrics Changes - Yancoal reported a revenue of AUD 2.68 billion, a 15% decrease compared to the previous year, primarily due to lower average realized coal prices and delayed sales volumes [29][30] - Operating EBITDA was AUD 595 million, reflecting a 40% decrease, resulting in a margin of 23% [5][30] - Profit after tax was AUD 163 million, translating to AUD 0.02 per share, with a 50% payout ratio leading to an interim dividend of AUD 82 million [6][30] Business Line Data and Key Metrics Changes - Long coal production reached 32.2 million tonnes, with attributable sellable coal production at 18.9 million tonnes, indicating a strong operational performance [4][10] - Cash operating costs remained flat at AUD 93 per tonne, an 8% improvement over the previous year [11][14] - Attributable saleable coal was up 11% compared to the previous year, despite flat sales due to temporary disruptions [12][10] Market Data and Key Metrics Changes - The realized thermal coal price was AUD 138 per tonne, down 12% from the previous year, while metallurgical coal prices fell 35% to AUD 207 per tonne [22][23] - The company noted a stable customer mix, with significant contributions from China and Japan, although global demand for metallurgical coal remains sluggish [20][21] - Supply cuts from Indonesia (12%) and Colombia (24%) were observed, which could support a recovery in international thermal coal prices [22] Company Strategy and Development Direction - Yancoal aims to maintain production guidance of 35 to 39 million tonnes for the full year, with a focus on optimizing operational performance and cost management [34] - The company is committed to reinvesting in its assets to ensure productivity and cost-effectiveness, with capital expenditure guidance set between AUD 750 million and AUD 900 million [35] - Management remains open to M&A opportunities, evaluating both domestic and international prospects while being cautious in the current coal market conditions [89][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovering delayed shipments and optimizing inventory levels, targeting to catch up on first-half underperformance by the end of Q3 [19][53] - The company anticipates a potential recovery in coal prices, driven by geopolitical events and supply-demand dynamics, while acknowledging the need to navigate the current market cycle [25][113] - Management emphasized the importance of maintaining financial discipline and operational efficiency in the short term [113] Other Important Information - The company has no external debt and holds AUD 1.8 billion in cash, providing a strong financial position for future growth opportunities [6][30] - Yancoal's sustainability strategy includes initiatives for decarbonization and improving safety performance, with a commitment to reducing TRIFR [7][8] Q&A Session Summary Question: Why is the profit decline from certain mines more drastic than others? - Management attributed the decline to the drop in API five prices, which affected margins, particularly from low CV coal [39][41] Question: Is the year-over-year increase in coal royalty per sellable tonne due to the royalty rate change? - Management confirmed that the increase is due to both the royalty rate change and lower coal prices, resulting in relatively flat royalties across periods [44][47] Question: How likely is it that inventory will be digested by year-end? - Management indicated that they are on schedule to catch up on inventory by the end of August or early September [53] Question: What are the growth opportunities for coking coal outside of China? - Management highlighted significant growth opportunities in India and Southeast Asia, driven by infrastructure needs and economic growth [55] Question: Are there plans for further expansion in coal production volume? - Management stated that while there are conceptual projects under study, the current production profile is steady, focusing on optimizing existing assets [56][59] Question: Will Yancoal consider acquisitions in China? - Management noted that while they are open to M&A opportunities, competing against their majority shareholder in China may not be practical [105] Question: What is the expected sales mix for 2025? - Management indicated that while there may be a marginal difference in the thermal coal mix, it would not be substantial [84]

据悉，公司此前发布公告称，2025年第二季度，权益销量达810万吨，虽与上一季度基本持平，但仍较 权益商品煤产量减少130万吨。本季度末恶劣的天气因素导致港口临时关闭，使得原计划本季度完成的 发运延后至第三季度完成。尽管第三季度初港口因天气因素再次闭港，集团仍有望将延迟的发货于2025 年第三季度期间交付。 消息面上，兖煤澳大利亚发布中期业绩，收入26.75亿澳元，同比减少14.75%；股东应占溢利1.63亿澳 元，同比减少61.19%；每股基本收益12.4澳分；拟派发中期股息每股0.062澳元。公告称，收益减少主 要由于煤炭销售收入由去年同期的30.30亿澳元减少16%至今年上半年的25.58亿澳元所致。 兖煤澳大利亚(03668)绩后跌超9%，截至发稿，跌7.71%，报28.98港元，成交额1186.59万港元。 ...

据悉，公司此前发布公告称，2025年第二季度，权益销量达810万吨，虽与上一季度基本持平，但仍较 权益商品煤产量减少130万吨。本季度末恶劣的天气因素导致港口临时关闭，使得原计划本季度完成的 发运延后至第三季度完成。尽管第三季度初港口因天气因素再次闭港，集团仍有望将延迟的发货于2025 年第三季度期间交付。 消息面上，兖煤澳大利亚发布中期业绩，收入26.75亿澳元，同比减少14.75%；股东应占溢利1.63亿澳 元，同比减少61.19%；每股基本收益12.4澳分；拟派发中期股息每股0.062澳元。公告称，收益减少主 要由于煤炭销售收入由去年同期的30.30亿澳元减少16%至今年上半年的25.58亿澳元所致。 智通财经APP获悉，兖煤澳大利亚(03668)绩后跌超9%，截至发稿，跌7.71%，报28.98港元，成交额 1186.59万港元。 ...

Core Viewpoint - Yancoal Australia reported a significant decline in revenue and profit for the first half of 2025, primarily due to falling global coal prices and supply chain disruptions [1][3]. Financial Performance - The company's revenue for the first half of 2025 was AUD 2.675 billion, a 15% decrease year-on-year [1]. - After-tax profit dropped to AUD 163 million, reflecting a substantial 61% decline compared to the previous year [1]. Coal Production and Sales - Despite challenges, the company achieved an 11% increase in equity coal production, reaching 18.9 million tons [1][4]. - However, coal sales decreased by 2%, falling from 16.9 million tons in the first half of 2024 to 16.6 million tons [4]. Price Trends - The average selling price of self-produced coal fell by 15%, from AUD 176 per ton in the first half of 2024 to AUD 149 per ton [3]. - Major coal price indices experienced significant declines, with the GCNewc thermal coal index dropping by USD 28 per ton (21%) and the API5 coal index decreasing by USD 19 per ton (21%) [3]. Supply Chain Issues - Supply chain disruptions, particularly due to severe weather in New South Wales, led to operational delays and increased inventory levels [4]. - The company faced challenges with rail network interruptions and restricted vessel passage at Newcastle port, resulting in coal stockpiling and cash flow impacts [4]. Outlook and Guidance - Yancoal Australia remains optimistic about achieving its full-year production target of 35 million to 39 million tons, supported by strong production capacity and operational efficiency [6]. - The company aims to maintain cash operating costs within the lower half of its guidance range, with costs reported at AUD 93 per ton [6]. - Capital expenditures are on track, with AUD 407 million spent in the first half, expected to reach the full-year guidance of AUD 750 million to AUD 900 million [6].

Financial Performance - Yancoal reported a revenue of $2.68 billion, a 15% decrease compared to $3.138 billion in 1H 2024 [12, 76] - Operating EBITDA was $595 million, with a 23% margin [12] - Profit after tax reached $163 million, resulting in earnings per share of $0.12 [12] - The company holds $1.8 billion in cash with no interest-bearing loans [12] - An interim dividend of $82 million, or $0.0620 per share, was declared at a 50% payout ratio [12] Production and Operations - ROM coal production was 32.2Mt, a 16% increase from 1H 2024 [12, 28] - Saleable coal production reached 24.8Mt, a 15% increase from 1H 2024 [12, 22] - Attributable saleable coal production was 18.9Mt, an 11% increase compared to 1H 2024 [12, 33] - Cash operating costs decreased by 8% to $93/tonne compared to 1H 2024 [12, 37] Safety - The 12-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 6.32, an improvement from 6.73 at the end of 2024, and remains below the industry weighted average of 7.93 [12, 17]

股票代码：600188 股票简称：兖矿能源 编号：临2025-051 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。 兖矿能源集团股份有限公司董事会 2025年8月19日 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"）于2025年8月19日发布了2025年半年度业 绩报告。按国际财务报告准则编制并经会计师审阅的主要财务数据摘要如下： 单位：百万澳元 ...

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