兖矿能源公告称，2025年8月29日，公司董事会批准回购A股、H股股份方案。A股预计回购0.5-1亿元， 用于股权激励；H股预计回购1.5-4亿元，用于减少注册资本。因2025年半年度权益分派，A股回购价上 限由不超17.08元/股调为不超16.90元/股。截至2025年12月31日，公司尚未回购A股、H股股份。公司将 按规定在期限内择机回购并披露进展。 ...

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） 海外監管公告 於其他市場披露的資料 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2026 年 1 月 5 日 ， 在 上 海 證 券 交 易 所 網 站 （www.sse.com.cn）和公司網站（www.ykenergy.com）刊登的《兗礦能源集團股份有限公司關於 股份回購進展公告》，僅供參閱。 承董事會命 兗礦能源集團股份有限公司 董事長 李 偉 中國山東省鄒城市 2026年1月5日 股票代码：600188 股票简称：兖矿能源 编号：临 2026-001 兖矿能源集团股份有限公司 关于股份回购进展公告 本公司董事会 ...

公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2026年1月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 11 頁 v 1.1.1 I. 法定/註冊股本變動 FF301 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,961,980,544 | RMB | | 1 RMB | | 5,961,980,544 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,961,980,544 | RMB ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases driven by seasonal demand and stricter safety regulations [1]. Core Insights - The report highlights that as of January 4, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 505, 593, and 682 RMB/ton respectively, reflecting week-on-week increases of 18, 14, and 6 RMB/ton [1]. - Supply-side constraints are noted, with a decrease in daily coal inflow to the Bohai Rim ports, down to 1.3888 million tons, a reduction of 116,300 tons week-on-week [1]. - Demand is supported by ongoing cold weather, leading to improved daily consumption, which has risen to 1.6768 million tons, an increase of 85,600 tons week-on-week [1]. - The report anticipates that the combination of high consumption levels and reduced production from high-cost mines will support thermal coal prices moving forward [1]. - For coking coal, prices remain stable, with Shanxi Anze low-sulfur coking coal priced at 1600 RMB/ton as of January 4, 2026 [1]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses the implementation of a "benchmark price + floating price" mechanism for long-term contracts for thermal coal, with prices set at 540, 483, and 453 RMB/ton for different regions [7]. - It also mentions increased regulatory scrutiny on safety measures in coal mining, particularly during the winter heating season [7]. Price Trends - The report notes that the average daily consumption of coal has increased by 3.94% week-on-week, while the inventory of major power generation groups has decreased by 11.8% [3]. - The Bohai Rim coal inventory has decreased to 27.127 million tons, down 191,500 tons week-on-week, indicating a 6.59% drop [20]. International Oil Prices - Brent crude oil prices have increased slightly to 60.75 USD/barrel, reflecting a 0.18% rise week-on-week [15]. - The report highlights the relationship between international oil prices and coal prices, noting a rise in the ratio of international oil prices to international coal prices [15]. Company Valuation - The report provides a valuation table for key companies in the coal sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, with various earnings per share (EPS) and price-to-earnings (PE) ratios forecasted for the coming years [32].

科技创新是引领企业高质量发展的核心引擎。作为能源行业领军企业，山东能源集团兖矿能源 立足国家战略需求和产业发展实际，兖矿能源聚焦关键核心技术瓶颈，联合国内顶尖科研力量持续攻 关，在煤炭开采、煤化工、高端装备等领域实现多项技术突破，推动产业向高端化、智能化、绿色化方 向稳步迈进。 近年来，兖矿能源累计实施各类科技项目300余项，承担和参与国家级、省级重大科技专项10余项。31 项优秀科技成果通过上级鉴定，其中国际领先13项、国际先进12项，斩获国家科技进步奖二等奖、山东 省科学技术发明奖等各类奖项数十项。 在煤炭开采领域，兖矿能源扎实推进智能矿山建设，智能化开采产量占比达94%，21对矿井达到国家智 能化示范标准，相继承办全国及山东省煤矿智能化建设现场推进会，树立行业发展标杆。深井建设、露 天开采技术达到世界领先水平，山东巨野煤田凿井技术创造4项世界纪录，3座露天矿跻身澳洲前五大矿 井行列，"深部煤炭数智化高效开采成套技术与工程应用"荣获国家科技进步奖二等奖，实现煤炭开采 从"人工主导"向"智能引领"的跨越式发展。 在煤化工领域，兖矿能源构建从基础研发到工程应用的完整创新体系，推动煤炭由燃料向原料深度转 变。鲁 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a tightening in production and shipment, with downstream power plants showing an increase in daily consumption, leading to a marginal improvement in supply-demand dynamics [2][12] - The report highlights that coal prices are expected to have support due to anticipated production reductions before the Spring Festival and potential temperature drops [12][63] - The long-term trend for coal prices is upward, driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [5][66] Summary by Sections Thermal Coal - As of December 31, the price of thermal coal at northern ports is 678 RMB/ton, with a weekly decrease of 3 RMB/ton but a daily increase of 8 RMB/ton [12][63] - Production capacity utilization in the Sanxi region decreased by 4.85 percentage points due to increased maintenance during the New Year holiday [12][63] - The daily consumption of the six major power plants increased by 39,000 tons week-on-week [12][63] - The inventory of the six major power plants decreased by 118,000 tons to 13.375 million tons, down 276,000 tons year-on-year [12][29] Coking Coal - The production capacity utilization for coking coal decreased by 3.14 percentage points to 79.5% [3][64] - The average customs clearance volume at Ganqimaodu port decreased by 133 trucks week-on-week [3][64] - The price of main coking coal at ports remained stable at 1,740 RMB/ton as of December 31 [3][36] Coke - As of December 31, major steel mills have initiated the fourth round of price reductions for coke, indicating a weak market [3][44] - The average profit per ton of coke increased by 4 RMB/ton week-on-week [3][46] - The production rate of independent coking plants showed differentiation, with overall production rates declining slightly [3][47] Investment Opportunities - Recommended stocks include China Shenhua, Shaanxi Coal, and China Coal Energy for their stable performance and high dividends [5][66] - Other notable stocks include Yanzhou Coal, Jinkong Coal, and Huayuan Co. for their growth potential and strong cash flow [5][67]

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Huanneng, Yancoal, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Insights - The coal market is experiencing a supply-demand tug-of-war, leading to continued price fluctuations. Recent supply constraints and increasing terminal demand have resulted in a slight recovery in port coal prices. However, as coal mines resume production after the New Year, supply is expected to stabilize, while demand is anticipated to strengthen due to colder weather [8][9]. - The report suggests a strategy of buying on dips, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth potential. Key recommendations include China Shenhua, Zhongmei Energy, and Yancoal, among others [8][9]. Summary by Sections 1. Core Views and Business Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector [13][15]. 2. Coal Price Tracking - The report tracks coal price indices, noting that the price of thermal coal at the port has shown a week-on-week increase of 6 CNY/ton, while year-on-year comparisons indicate a decline [9][10]. 3. Coal Inventory Tracking - As of December 31, 2025, the inventory at the Bohai Rim ports was reported at 28.366 million tons, reflecting a week-on-week decrease of 5.43% [8]. 4. Downstream Performance of the Coal Industry - The report highlights that the daily coal consumption across 25 provinces reached 6.116 million tons, marking a 12.78% increase compared to the end of November [8][9]. 5. Weekly Performance of the Coal Sector and Individual Stocks - The coal sector has seen significant price movements, with individual stocks reflecting the overall market trends. The report provides detailed performance metrics for key companies [10][11].

Core Insights - The report indicates that the coal industry is entering a new cycle with a significant increase in value, driven by supply-demand restructuring and improved market conditions [1][4]. Group 1: Cycle Review - The coal price center has significantly increased during the 14th Five-Year Plan, and the 15th Five-Year Plan is expected to usher in a new cycle [4][15]. - The report reviews four cycles of the coal industry, highlighting that the current cycle may see a recovery from the bottom in the second half of 2025 [15][16]. - The average price of Qinhuangdao port 5500 kcal thermal coal reached 718 RMB/ton in the second half of 2025, reflecting a 6% increase compared to the first half [20][21]. Group 2: Supply Restructuring - Coal production from 2020 to 2024 increased by 23% to 4.78 billion tons, but growth is expected to slow significantly in 2025, with production growth in Xinjiang only at 2.6% [4][33]. - The report anticipates that coal production will enter a peak and decline phase, with growth rates expected to be between 0.5% and 1.0% from 2026 to 2028 [4][33]. - Regulatory policies are expected to impact coal production, potentially leading to negative growth in certain periods [4][33]. Group 3: Demand Restructuring - The demand for coal is expected to maintain resilience, with electricity consumption projected to grow at around 5% over the next five years, driven by new manufacturing and increased electrification [4][33]. - The report notes that while coal consumption is expected to decline in the short term due to electricity demand pressures, it is likely to recover as macroeconomic policies strengthen in 2026 [4][33]. - Chemical demand is projected to grow at approximately 5%, while declines in steel and construction materials are expected to narrow [4][33]. Group 4: Global and Commodity Perspectives - The report highlights that global coal production is expected to decline, while Southeast Asian demand is projected to grow by 3-5% from 2025 to 2030 [4][33]. - Compared to other commodities, coal has shown weaker performance, with the copper-coal ratio and gold-coal ratio at historical highs [4][33]. - The coal industry's share of industrial profits has dropped to historical lows, while the electricity sector's profit share has reached a high of 10% [4][33]. Group 5: Overall Viewpoint - The report concludes that the coal price center is expected to rise to around 750 RMB/ton in 2026, with leading companies offering dividend yields of 4-6% [4][33]. - Key companies identified include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to maintain stable profitability [4][33]. - The report emphasizes that after a pessimistic outlook on coal prices is reversed, valuation elasticity is likely to become apparent [4][33].

Group 1 - The company, Yanzhou Coal Mining Company (兖矿能源), has confirmed that it produces methanol through its subsidiaries [2] - The total annual production capacity of methanol across its subsidiaries is 4.3 million tons [2]

Core Insights - Shandong Energy Group's Yanzhou Coal Mining Company (600188) has achieved record high production in its chemical sector, with expected profits increasing by 1.75 billion yuan year-on-year, effectively countering market pressures in the coal industry [1] Group 1: Safety and Operational Efficiency - Safety is prioritized in chemical production, with a focus on building a "leak-free factory" and a comprehensive risk prevention system, resulting in a 15% reduction in operational disruptions [2] - The operational quality of key production units has improved significantly, with a record 246 days of continuous operation for a gasification furnace and cost savings of 3.65 million yuan per day from optimized boiler operations [2] Group 2: Technological Upgrades and Cost Reduction - The company completed 32 key technological upgrades, generating 62.5 million yuan in immediate benefits, with projected annual benefits of 236 million yuan once fully operational [4] - Specific projects, such as the methanol distillation energy-saving upgrade, have led to reduced production costs and significant financial gains [4] Group 3: Project Acceleration and Future Growth - Major construction projects are progressing ahead of schedule, including an 800,000-ton/year olefin project and a 60,000-ton/year formaldehyde project, laying the groundwork for future growth [5] - Catalyst management improvements have resulted in extended usage periods and increased production efficiency, contributing to cost savings [5] Group 4: Collaborative Innovation and Digital Transformation - The company has enhanced its coal-chemical integration strategy, achieving a 92.1% internal coal usage rate, an 18.1% increase from the previous year [7] - Investment in R&D reached 776 million yuan, with 29 projects implemented, leading to significant advancements in product quality and international market expansion [7] - Digital transformation initiatives have improved operational efficiency, with systems in place that enhance production stability and reduce costs [8]