Core Insights - The report emphasizes the potential awakening of the coal sector, suggesting that after a challenging period, coal prices are expected to rise towards the end of the year, providing upward momentum for the sector [2]. Industry Performance - As of September 19, 2025, the coal industry has seen a decline of 2.3% year-to-date, ranking last among 30 industries. However, in the week of September 19, it experienced a weekly increase of 3.6%, ranking second among the industries, indicating a significant contrast in performance [2]. - The report predicts that the coal price will stabilize and potentially reach a peak by the end of the year, which could drive further positive performance in the coal sector [2]. Company Focus - The report highlights several companies to watch within the coal sector: - **Keda Control**: Noted for its focus on smart mining [2]. - **China Coal Energy (H+A)** and **China Shenhua (H+A)**: Major state-owned enterprises in the coal industry [2]. - **China Qinfa**: Recommended for its turnaround potential [2]. - **Shanxi Coal and Electricity, Huainan Mining, and Xinji Energy**: Identified as strong performers [2]. - **Yankuang Energy, Jinkong Coal, and Pingmei Shenma**: Noted for their elasticity and potential for growth [2]. - **Huayang Co. and Gansu Energy**: Suggested as companies with future growth potential [2]. - **Anyuan Coal Industry**: Highlighted for its recent changes in control and ongoing asset restructuring [2].

Company Overview - Yanzhou Coal Mining Company Limited, established on September 25, 1997, and listed on July 1, 1998, is primarily engaged in coal mining, washing, processing, sales, coal railway transportation, coal chemical, and power generation [1] - The company's revenue composition includes coal business (58.09%), coal chemical and power (22.48%), non-coal trade and logistics (12.29%), undistributed projects (5.47%), mining equipment manufacturing (0.96%), and loans and financing leasing (0.71%) [1] Stock Performance - As of September 23, Yanzhou Coal's stock price increased by 2.01%, reaching CNY 13.71 per share, with a trading volume of CNY 704 million and a turnover rate of 0.87%, resulting in a total market capitalization of CNY 137.614 billion [1] - Year-to-date, the stock price has risen by 1.93%, with a 2.77% increase over the last five trading days, 4.58% over the last twenty days, and 14.63% over the last sixty days [1] Financial Performance - For the first half of 2025, Yanzhou Coal reported operating revenue of CNY 593.49 billion, a year-on-year decrease of 17.93%, and a net profit attributable to shareholders of CNY 46.52 billion, down 38.53% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 147,800, reflecting a 1.14% rise [2] - The company has distributed a total of CNY 868.46 billion in dividends since its A-share listing, with CNY 423.77 billion distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, holding 110 million shares (an increase of 17.0167 million shares), and various ETFs such as Huatai-PB CSI 300 ETF and Guotai CSI Coal ETF, which have also increased their holdings [3]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, showcasing their performance in terms of daily increase, year-to-date increase, and dividend yield [1] - The stock with the highest daily increase is Jiufeng Energy (605090.SH) at 8.09%, with a year-to-date increase of 22.18% and a dividend yield of 3.51% [1] - Zhongchuang Zhiling (601 TASH) shows a remarkable year-to-date increase of 99.44%, despite a daily increase of 6.31% and a dividend yield of 4.62% [1] Group 2 - Other notable performers include Jiansheng Group (603558.2H) with a daily increase of 4.45% and a year-to-date increase of 1.78%, offering a dividend yield of 5.45% [1] - Kuka Home (603816.SH) has a daily increase of 4.03% and a year-to-date increase of 20.64%, with a dividend yield of 4.38% [1] - The list also includes companies like China Foreign Trade (601598.SH) with a year-to-date increase of 32.43% and a dividend yield of 4.17% [1]

兗礦能源集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合交易所有限公司（「香 港聯交所」）證券上市規則（「香港上市規則」）第13.09(2)條以及香港法例第571章證券及期貨條例第XIVA部項下 內幕消息條文（定義見香港上市規則條文）刊發本公告。 本公司董事會（「董事會」）欣然宣佈，本公司擬將控股附屬公司卡松科技股份有限公司（「卡松科技」）分拆並於 全國中小企業股份轉讓系統（「全國中小企業股份轉讓系統」，即「新三板」）掛牌（「建議分拆」）。卡松科技已於 2025年9月22日向全國中小企業股份轉讓系統有限責任公司（「全國中小企業股份轉讓系統有限責任公司」）提交 其股份於全國中小企業股份轉讓系統掛牌之申請。 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） 內幕 ...

Core Viewpoint - Yanzhou Coal Mining Company Limited proposes to spin off its subsidiary, Kason Technology, for listing on the National Equities Exchange and Quotations, focusing on the development, production, and sales of industrial lubricants and greases [1] Financial Summary - As of June 30, 2025, Kason Technology has total assets of 3.555 billion yuan, total liabilities of 1.492 billion yuan, and net assets of 2.063 billion yuan [1] - For the first half of 2025, Kason Technology reported revenue of 1.535 billion yuan and a net profit of 43.5512 million yuan [1] Corporate Structure - After the proposed spin-off, Kason Technology will continue to be a controlled subsidiary of Yanzhou Coal Mining Company Limited [1]

公告表示，卡松科技主要从事各类工业润滑油、润滑脂产品的研发、生产和销售。基于对未来行业形势 的分析判断，建议分拆若获成功，将有利于卡松科技在做精做强润滑油主业的基础上，充分发挥工业润 滑油及油液在线监测业务整合优势，推进油液在线监测业务等领域的技术研发与软硬件制造，实现科技 创新推动高效率成果转化，不断推动集团高端装备制造板块发展，持续扩充集团产业规模。 格隆汇9月22日丨兖矿能源(01171.HK)发布公告，公司拟将控股附属公司卡松科技股份有限公司("卡松 科技")分拆并于全国中小企业股份转让系统("全国中小企业股份转让系统"，即"新三板")挂牌("建议分 拆")。卡松科技已于2025年9月22日向全国中小企业股份转让系统有限责任公司("全国中小企业股份转 让系统有限责任公司")提交其股份于全国中小企业股份转让系统挂牌的申请。 ...

(c)建议分拆过程中，卡松科技将按照监管要求完善财务制度、信息披露机制和内部控制体系等管理及 经营体制，这不仅有利于卡松科技提升管理水準与财务透明度，降低经营风险，提高运营效率，也有利 于公司在集团层面建立更加完善的治理及管控框架，向公司股东提供更为清晰的业务及财务状况。 (d)建议分拆完成后，新三板为卡松科技企业估值提供市场价格参考，可更好地反映卡松科技自身的价 值，有利于资本市场对集团各业务板块进行合理估值，使公司优质资产价值得以在资本市场充分体现， 实现股东利益最大化;及 (e)建议分拆完成后，公司仍将控制卡松科技，并继续将卡松科技的财务报表合并入账。公司将继续享 有卡松科技未来业务发展及增长所带来的裨益。 建议分拆的主要理由及裨益如下： (a)建议分拆若获成功，将有利于卡松科技拓宽融资渠道，加大在工业润滑业务领域的投入，巩固市场 竞争力，进一步拓展业务范围、丰富产品线，实现跨越式发展，从而进一步增强集团高端装备制造板块 的盈利能力和综合竞争力，帮助公司实现持续、健康的长远发展。 (b)建议分拆有利于卡松科技获得更多的市场曝光和媒体关注，提升知名度和品牌形象，在客户、供应 商、合作伙伴中树立更强的信誉， ...

Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, aiming to enhance its operational efficiency and market presence in the industrial lubricants sector [1] Group 1 - The proposed spin-off is expected to broaden Kason Technology's financing channels, allowing for increased investment in the industrial lubricants sector, thereby strengthening market competitiveness and expanding its product range [2] - The spin-off will enhance Kason Technology's market exposure and brand image, attracting talent and improving creditworthiness with financial institutions, which may facilitate easier access to loans and credit [2] - Kason Technology will improve its financial systems and internal controls in compliance with regulatory requirements during the spin-off process, leading to better management standards and operational efficiency [2] Group 2 - Post-spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling better valuation of the group's various business segments [3] - The company will maintain control over Kason Technology after the spin-off, continuing to consolidate its financial statements, thus benefiting from Kason Technology's future growth and development [3]

內幕消息 建議分拆卡松科技於全國中小企業股份轉讓系統掛牌 兗礦能源集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合交易所有限公司（「香 港聯交所」）證券上市規則（「香港上市規則」）第13.09(2)條以及香港法例第571章證券及期貨條例第XIVA部項下 內幕消息條文（定義見香港上市規則條文）刊發本公告。 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） 本公司董事會（「董事會」）欣然宣佈，本公司擬將控股附屬公司卡松科技股份有限公司（「卡松科技」）分拆並於 全國中小企業股份轉讓系統（「全國中小企業股份轉讓系統」，即「新三板」）掛牌（「建議分拆」）。卡松科技已於 2025年9月22日向全國中小企業股份轉讓系統有限責任公司（「全國中小企業股份轉讓系統有限責任公司」 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases in coal [1]. Core Insights - The report highlights a tight supply situation and strong pre-holiday inventory demand, predicting that coal prices will continue to rise [1][3]. - The average daily coal inflow to the Bohai Rim ports increased by 10.27% week-on-week, while the average daily outflow also saw a rise of 14.21% [3][22]. - The report emphasizes the expected price increases for thermal coal and coking coal, driven by seasonal demand and supply constraints [3][10]. Summary by Sections Recent Industry Policies and Dynamics - The report notes significant coal resource discoveries in Anhui province, which are crucial for strategic reserves [9]. - The report mentions the successful launch of a coal-to-natural gas project in Xinjiang, expected to be operational by 2027 [5]. Price Movements - As of September 19, thermal coal prices at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 27, and 24 CNY/ton respectively [3][10]. - Coking coal prices remained stable, with prices reported at 1510 CNY/ton for low-sulfur coking coal in Shanxi [3][13]. Inventory and Supply - Bohai Rim port coal inventory decreased by 0.89% week-on-week, totaling 22.5 million tons [3][22]. - The report indicates that the overall supply from production areas remains tight due to capacity checks, affecting recovery rates [3][10]. Shipping Costs - Domestic coastal shipping costs increased by 19.91% week-on-week, averaging 35.53 CNY/ton [3][31]. - International shipping rates showed mixed trends, with Indonesian coal prices slightly decreasing [3][31]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [3][36]. - Notable companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal, with varying price-to-earnings (PE) ratios indicating their market performance [3][36].