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） (1) 建議續買董事、監事及高級職員責任保險； 此乃要件 請即處理 閣下如對本通函任何部分或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的兗礦能源集團股份有限公司股份全部售出或轉讓，應立即將本通函送交買主 或承讓人或經手買賣或轉讓的銀行、持牌證券交易商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，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通函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。 本通函僅供參考，並不構成購入、購買或認購本公司任何證券的邀請或要約。 (2) 建議續聘2025年外部審計機構； (3) 建議向子公司提供融資擔保以及 授權兗煤澳洲及其附屬公司向本公司澳洲附屬公司提供日常經營擔保； (4) 建議授權本公司開展境內外融資業務； (5) 建議修改公司章程 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-032 兖矿能源集团股份有限公司 关于召开2024年度股东周年大会的通知 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。 重要内容提示： (一) 股东大会类型和届次 2024年度股东周年大会 召开的日期时间：2025 年 5 月 30 日 9 点 00 分 召开地点：山东省邹城市凫山南路 949 号公司总部 1 股东大会召开日期：2025年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 至2025 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25 ...

| 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 12.43 | | 一年最高最低(元) | 26.00/11.90 | | 总市值(亿元) | 1,247.95 | | 流通市值(亿元) | 736.34 | | 总股本(亿股) | 100.40 | | 流通股本(亿股) | 59.24 | | 近 3 个月换手率(%) | 25.5 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 兖矿能源 沪深300 相关研究报告 《成本管控对冲煤价下跌影响，关注 煤炭主业成长—公司 2024年报点评报 告》-2025.3.31 《Q3 业绩稳健海外高增，兼具高分红 与 高 成 长 — 公 司 信 息 更 新 报 告 》 -2024.10.28 煤炭/煤炭开采 兖矿能源（600188.SH） 煤炭量价齐跌致业绩承压，关注煤炭煤化工成长 2025 年 04 月 28 日 投资评级：买入（维持） 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E ...

Summary of Yanzhou Coal Mining Company Conference Call Company Overview - **Company**: Yanzhou Coal Mining Company (兖矿能源) - **Date of Call**: April 27, 2025 Key Financial Highlights - **Q1 2025 Revenue**: Decreased by 23.5% to 30.3 billion yuan [2][3] - **Net Profit**: Decreased by 27.9% to 2.71 billion yuan [2][3] - **Coal Production**: Increased to 36.8 million tons, a year-on-year increase of 2.17 million tons [3][5] - **Chemical Products Production**: Increased to 2.41 million tons, a year-on-year increase of 250,000 tons [3][5] - **Total Assets**: Increased by 2.3% to 366.8 billion yuan [3] Operational Strategies - **Cost Control Measures**: Implemented ten cost reduction initiatives, resulting in a 13.8% decrease in coal sales cost per ton [2][5][19] - **Chemical Sector Performance**: Chemical segment profitability increased by 440 million yuan in Q1 2025, contributing to a total profit of 536 million yuan [3][5] Market Outlook - **Coal Price Forecast**: Anticipated stabilization in Q2 2025, with potential recovery in the second half of the year due to domestic economic recovery and investment policies [2][6][23] - **Methanol Price**: Increased by 4.1% year-on-year in Q1 2025, expected to maintain a favorable trend in the upcoming quarters [2][6] Acquisition of Northwest Mining - **Acquisition Details**: Cash purchase of 26% stake in Northwest Mining for 4.748 billion yuan, increasing ownership to 51% through additional investment of 9.3 billion yuan [2][8][9] - **Resource Potential**: Total resource volume of 7.3 billion tons, with over 3.3 billion tons of recoverable resources [8] - **Expected Profit Contribution**: Anticipated net profit contribution of over 1.1 billion yuan in 2025 from Northwest Mining [8][14] Challenges and Risks - **Previous Acquisitions**: Acquisitions of Xinjiang Energy and Lushi Mining underperformed due to coal price declines and policy restrictions, with a potential shortfall in the promised net profit of 11.4 billion yuan over three years [4][11] - **Market Volatility**: Coal price fluctuations and regulatory challenges in deep mining operations in Shandong province [18][12] Future Capital Expenditure - **Investment Plans**: Total investment of approximately 32 billion yuan for two ongoing and two planned projects, with 6 billion yuan already invested [10] - **Debt Management**: Aiming to maintain a debt ratio below 60% while ensuring sufficient cash flow for operations and dividends [20][21] Conclusion - **Management Confidence**: Despite current market challenges, management remains optimistic about improving operational performance and shareholder returns in the coming quarters [23]

Investment Rating - The report maintains a "Recommended" rating for Yanzhou Coal Mining Company (兖矿能源) [4][7] Core Views - The company's Q1 2025 revenue decreased by 23.53% year-on-year to 30.312 billion yuan, and net profit attributable to shareholders fell by 27.89% to 2.71 billion yuan [1] - Coal sales volume declined by 8.1% year-on-year, while production increased by 6.3% to 36.8 million tons [2] - The average selling price of coal dropped by 24.19% year-on-year to 551.2 yuan per ton, impacting overall profitability [2] - The chemical business showed improvement with a 39.08% increase in gross profit to 1.459 billion yuan, despite a 6.18% decline in selling price [3] - The company plans to acquire a 51% stake in Northwest Mining for 14.066 billion yuan, which is expected to enhance production capacity significantly [4] Summary by Sections Financial Performance - Q1 2025 revenue was 30.312 billion yuan, down 23.53% year-on-year; net profit was 2.71 billion yuan, down 27.89% [1] - Coal production increased to 36.8 million tons, while sales volume decreased to 31.43 million tons [2] - The gross profit from coal business fell by 32.77% to 5.937 billion yuan, with a gross margin of 34.27% [2] - Chemical business gross profit rose by 39.08% to 1.459 billion yuan, with a gross margin of 23.16% [3] - Power generation decreased to 1.793 billion kWh, with a gross profit of 51 million yuan [3] Strategic Developments - The company is acquiring a 51% stake in Northwest Mining, which has a total production capacity of 61.05 million tons per year [4] - This acquisition is a step towards achieving the company's goal of 300 million tons of raw coal production [4] Earnings Forecast - Expected net profits for 2025, 2026, and 2027 are 9.618 billion yuan, 11.626 billion yuan, and 12.098 billion yuan respectively, with corresponding EPS of 0.96 yuan, 1.16 yuan, and 1.20 yuan [4][6]

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The company has implemented significant cost reduction and efficiency improvement measures, leading to a steady increase in coal production. In Q1 2025, the company produced 36.8 million tons of commercial coal, a year-on-year increase of 6.3%. The target for 2025 is to achieve a commercial coal production of 155-160 million tons [3][4] - The coal chemical business has seen a notable increase in profitability due to the decline in coal prices. In Q1 2025, the chemical product output was 2.41 million tons, a year-on-year increase of 12%. The gross profit for the coal chemical business reached 1.46 billion yuan, a year-on-year increase of 39.1% [3][4] - The company is pursuing both organic and external growth strategies, with significant future growth potential. The company plans to acquire a 26% stake in Northwest Mining for 4.748 billion yuan and invest 9.318 billion yuan, which is expected to enhance profitability and support the goal of achieving 300 million tons of raw coal production [3][4] Financial Summary - In Q1 2025, the company reported total revenue of 30.312 billion yuan, a year-on-year decrease of 23.52%, and a net profit attributable to shareholders of 2.71 billion yuan, down 27.86% year-on-year. The operating cash flow was 3.662 billion yuan, a decrease of 33.04% year-on-year [1][3] - The forecast for net profit attributable to shareholders for 2025-2027 is 13.3 billion, 13.9 billion, and 14.2 billion yuan respectively, with corresponding EPS of 1.32, 1.39, and 1.41 yuan per share [4][5] - The company's debt ratio is 62.59%, a year-on-year decrease of 4.06 percentage points, indicating improved financial stability [1][3]

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The company has shown a steady increase in coal production, with significant cost reduction and efficiency improvement measures in place. In Q1 2025, the company produced 36.8 million tons of commercial coal, a year-on-year increase of 6.3%. The target for 2025 is to achieve a commercial coal production of 155-160 million tons [3] - The coal chemical business has seen a notable increase in profitability due to the decline in coal prices. In Q1 2025, the chemical product output was 2.41 million tons, a year-on-year increase of 12%. The gross profit for the coal chemical business reached 1.46 billion yuan, a year-on-year increase of 39.1% [3] - The company is pursuing both organic and external growth strategies, with significant future growth potential. The company plans to acquire a 26% stake in Northwest Mining for 4.748 billion yuan and increase its capital by 9.318 billion yuan, which is expected to enhance profitability and support the goal of achieving 300 million tons of raw coal production [3][4] Financial Summary - In Q1 2025, the company reported total revenue of 30.312 billion yuan, a year-on-year decrease of 23.52%, and a net profit attributable to shareholders of 2.71 billion yuan, down 27.86% year-on-year. The operating cash flow was 3.662 billion yuan, a decrease of 33.04% year-on-year [1][3] - The company's financial forecasts for 2025-2027 predict net profits attributable to shareholders of 13.3 billion, 13.9 billion, and 14.2 billion yuan respectively, with corresponding EPS of 1.32, 1.39, and 1.41 yuan per share [4][5] - The company's debt ratio stands at 62.59%, a year-on-year decrease of 4.06 percentage points, indicating improved financial stability [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 30.31 billion yuan in Q1 2025, a year-on-year decrease of 23.5% and a quarter-on-quarter decrease of 6.7% [1] - The net profit attributable to the parent company was 2.71 billion yuan, down 27.9% year-on-year and down 10.3% quarter-on-quarter [1] - The coal business is on track to reach a production capacity target of 300 million tons [4] - The chemical business is experiencing a recovery in gross profit, with ongoing advancements in high-end chemical new materials [3] Summary by Sections Coal Business - The company reported a coal production of 36.8 million tons in Q1 2025, an increase of 6.3% year-on-year and a slight increase of 0.3% quarter-on-quarter [9] - The self-produced coal sales volume was 30.49 million tons, down 3.0% year-on-year and down 9.1% quarter-on-quarter [9] - The average selling price of coal (excluding trade) was 545 yuan per ton, a decrease of 14.4% quarter-on-quarter and 18.5% year-on-year [9] - The comprehensive cost of coal was 318 yuan per ton, a decrease of 0.8% quarter-on-quarter and a decrease of 12.9% year-on-year [9] - The company is progressing with several projects to increase coal production capacity, including the Shandong Wanfeng coal mine and the Xinjiang Wucaiwan open-pit mine [9] Chemical Business - The company produced 2.41 million tons of chemical products in Q1 2025, an increase of 11.6% year-on-year and an increase of 8.3% quarter-on-quarter [9] - The sales volume of chemical products was 2.02 million tons, up 7.3% year-on-year and up 1.3% quarter-on-quarter [9] - The comprehensive selling price of chemical products was 3,122 yuan per ton, down 6.2% year-on-year but up 6.2% quarter-on-quarter [9] - The gross profit margin for chemical products increased by 29.4% year-on-year and 16.5% quarter-on-quarter, reaching 723 yuan per ton [9] Financial Projections - The company plans to produce 155-160 million tons of commercial coal and 8.6-9 million tons of chemical products in 2025 [10] - The projected net profit attributable to the parent company for 2025-2027 is 9.9 billion, 11.9 billion, and 13.7 billion yuan, respectively, with corresponding P/E ratios of 12.6X, 10.5X, and 9.1X [10] - The company aims to reduce the sales cost per ton of coal by 3% year-on-year and to lower the debt-to-asset ratio to below 60% [10]

证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 兖矿能源（600188.SH） 化工业务毛利回升，煤炭业务向"3 亿吨"产能目标继续迈进 公司发布 2025 年 Q1 业绩公告。2025Q1 公司实现营业收入 303.1 亿元， 同比-23.5%，环比-6.7%；归母净利润 27.1 亿元，同比-27.9%，环比- 10.3%。 煤炭业务：产量增长、毛利下行，成长可期。 化工：产销增长，毛利回升，高端化工新材料持续推进。 向"3 亿吨"产能目标继续迈进。 多元矿业发展，夯实"资源为王"。公司积极布局多矿种领域，在加拿大 拥有 6 个钾盐采矿权，探明优质氯化钾资源量 17 亿吨；拟建设内蒙古曹 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 煤炭开采 | | 前次评级 | 买入 | | 04 月 25 日收盘价（元） | 12.43 | | 总市值（百万元） | 124,795.46 | | 总股本（百万股） | 10,039.86 | | 其中自由流通股（%） | 99.60 | | 30 日日均成交量（百万股） | 25.27 ...

Core Viewpoint - Yancoal Energy reported a steady performance in Q1 2025, achieving revenue of 30.3 billion and a net profit of 2.71 billion, despite challenges in the macroeconomic environment and coal market fluctuations [1][2] Group 1: Financial Performance - The company accelerated the release of its advantageous production capacity, resulting in a coal output of 36.8 million tons, an increase of 2.17 million tons year-on-year [1] - The chemical segment produced 2.41 million tons of chemical products, contributing an additional profit of 440 million year-on-year [1] - The cost of self-produced coal sales decreased to 318 yuan per ton, a reduction of 13.8% year-on-year, while the unit sales costs for methanol and acetic acid decreased by 16.4% and 14.7% respectively [1] Group 2: Strategic Initiatives - Yancoal Energy announced the acquisition of high-quality coal assets from its controlling shareholder, Shandong Energy Group, which is expected to contribute over 1.1 billion in net profit in 2025 and increase coal resources by 7.305 billion tons [2] - The acquisition will also add approximately 30 million tons to the company's coal output, bringing the total annual output to between 180 million and 190 million tons [2] - The company anticipates improved coal supply and demand dynamics in Q2 2025, driven by macroeconomic policy effects and seasonal demand increases [2]