Group 1 - The core viewpoint of the announcement is that Yanzhou Coal Mining Company (兖矿能源) has reported an increase in both coal production and sales for the third quarter of 2025, indicating positive growth trends in its operations [1] Group 2 - In Q3 2025, the company produced 46.03 million tons of commercial coal, representing a year-on-year increase of 4.92% [1] - The sales volume of commercial coal in Q3 2025 reached 45.82 million tons, showing a year-on-year increase of 10.08% [1] - Self-produced coal sales in Q3 2025 amounted to 44.19 million tons, which is a year-on-year increase of 12.21% [1] Group 3 - For the first three quarters of 2025, the total commercial coal production was 135.89 million tons, reflecting a year-on-year increase of 6.90% [1] - The total sales volume of commercial coal for the first three quarters of 2025 was 126.24 million tons, which is a year-on-year increase of 2.43% [1] - Self-produced coal sales for the first three quarters of 2025 reached 122.13 million tons, marking a year-on-year increase of 4.50% [1]

Core Insights - Yanzhou Coal Mining Company (兖矿能源) reported an increase in coal production and sales for Q3 2025, with production reaching 46.03 million tons, a year-on-year increase of 4.92% [1] - The total coal sales for Q3 2025 were 45.82 million tons, reflecting a year-on-year increase of 10.08%, with self-produced coal sales at 44.19 million tons, up 12.21% year-on-year [1] - For the first three quarters of 2025, the company produced 135.89 million tons of coal, a 6.90% increase year-on-year, while total coal sales were 126.24 million tons, up 2.43% year-on-year, with self-produced coal sales at 122.13 million tons, increasing by 4.50% year-on-year [1]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-064 。 | ③ （六）聚甲醛 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1.产量 | 2.03 | 1.54 | 31.54 | 5.39 | 4.72 | 14.18 | | 2.销量 | 1.88 | 1.72 | 9.45 | 5.02 | 4.73 | 6.07 | | （七）全馏分液体石蜡④ | | | | | | | | 1.产量 | 10.78 | - | - | 33.97 | - | - | | 2.销量 | 12.42 | - | - | 34.06 | - | - | | （八）粗液体蜡④ | | | | | | | | 1.产量 | - | 11.05 | - | - | 28.68 | - | | 2.销量 | - | 11.65 | - | - | 28.70 | - | | （九）石脑油 | | | | | | | | 1.产量 | 6.28 | 6.37 | -1.36 | 18.78 | 17.29 | 8.65 | | 2.销量 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-063 兖矿能源集团股份有限公司 境外控股子公司发布 2025 年第三季度产量销量 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"）发布了 2025 年第三季度运营数 据公告，主要情况如下表： 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 ）发布的报告全文。 1 第三季度 前三季度 2025 年 2024 年 增减幅 2025 年 2024 年 增减幅 商品煤产量 （权益份额） 9.3 10.2 -9% 28.2 27.2 4% 商品煤销量 （权益份额） 10.7 10.4 3% 27.3 27.3 0% 平均实现价格 （澳元/吨） 140 170 -18% 1 ...

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。 單位：萬噸 | | | 第三季度 | | | 第一至三季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 年 2025 | 年 2024 | 增減幅 （%） | 年 2025 | 年 2024 | 增減幅 （%） | | 一、煤炭業務 | | | | | | | | 1.商品煤產量 | 4,603 | 4,387 | 4.92 | 13,589 | 12,712 | 6.90 | | ② 2.商品煤銷量 | 4,582 | 4,163 | 10.08 | 12,624 | 12,324 | 2.43 | | 其中：自產煤銷量 | 4,419 | 3,938 | 12.21 | 12,213 | 11,687 | 4.50 | | 二、煤化工業務 | | | | | | | | （一）甲醇 | | | | | | | | 1.產量 | 106.67 ...

Core Viewpoint - Yancoal Australia Limited, a subsidiary of Yancoal Energy, reported a decline in coal production for Q3 2025, indicating potential challenges in operational efficiency and market conditions [1] Production Summary - Q3 commodity coal production was 9.3 million tons, a decrease of 9% year-on-year [1] - Cumulative commodity coal production for the first three quarters reached 28.2 million tons, an increase of 4% compared to the same period last year [1] Sales Summary - Q3 commodity coal sales amounted to 10.7 million tons, reflecting a year-on-year increase of 3% [1] - Cumulative commodity coal sales for the first three quarters were 27.3 million tons, remaining flat compared to the previous year [1] Pricing Summary - The average realized price for Q3 was 140 AUD per ton, down 18% year-on-year [1] - The cumulative average realized price for the first three quarters was 146 AUD per ton, also a decrease of 18% compared to the same period last year [1]

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) 兗礦能源集團股份有限公司境外控股子公司 發佈 2025 年第三季度產量銷量 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。 | | | 第三季度 | | | 前三季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 增減幅 | 2025 年 | 2024 年 | 增減幅 | | 商品煤產量 （權益份額） | 9.3 | 10.2 | -9% | 28.2 | 27.2 | 4% | | 商品煤銷量 （權益份額） | 10.7 | 10.4 | 3% | 27.3 | 27.3 | 0% | | 平均實現價格 （澳元/噸） | 140 | 170 | -18% | 146 | 177 | ...

Market Performance - The three major indices opened high and fluctuated, with the Shanghai Composite Index rising by 0.63%, the Shenzhen Component Index by 0.98%, the ChiNext Index by 1.98%, and the STAR Market 50 Index by 0.35% [2] - Over 3,800 stocks in the two markets rose, with a total trading volume of approximately 1.74 trillion yuan [2] Industry Highlights - The cultivated diamond and superhard materials sectors showed strong performance, with Huifeng Diamond rising by 29.98%, Sifangda by 19.98%, and Power Diamond by over 18% [2] - The Ministry of Commerce and the General Administration of Customs announced export controls on superhard materials, effective November 8, which is expected to enhance the supply protection for the domestic superhard materials industry and strengthen market expectations for the sector's scarcity and performance certainty [2] Coal Sector - The coal sector experienced a collective surge, with major companies like Dayou Energy, Yunmei Energy, and Shanxi Black Cat all rising by 10% [2] - The cold air mass affecting the northern regions is expected to increase coal demand during the winter, as a double La Niña weather pattern may lead to a colder winter in China [3] Technology and Robotics - The CPO and computing power sectors were active, with Cambridge Technology rising by 10% and other companies like Zhongji Xuchuang and Tianfu Communication increasing by over 7% [3] - Citibank indicated potential upward demand in the optical module industry, suggesting buying opportunities after recent stock price adjustments [3] - Robotics leader UBTECH won a project for the procurement and installation of intelligent data collection and testing center equipment in Guangxi, with an order amounting to 126 million yuan [4] - UBTECH's Walker series humanoid robots have secured over 630 million yuan in orders this year, excluding a joint development project with Beijing Guodi [4] Declines in Other Sectors - The precious metals sector saw significant declines, with Hunan Silver hitting a 10% limit down, alongside other companies like Xiaocheng Technology and Western Gold experiencing heavy losses [4] - New energy-related stocks also showed weakness, with Shengxin Lithium Energy and Tianqi Lithium experiencing declines [4]

Investment Rating - The report rates the coal industry as "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The report highlights that stricter safety regulations and supply constraints are expected to drive coal prices higher, particularly in the context of the upcoming winter heating season [3]. - It notes significant increases in spot prices for thermal coal, with prices for Q4500, Q5000, and Q5500 thermal coal at Qinhuangdao port rising by 36, 41, and 39 RMB/ton respectively [3]. - The report emphasizes the expected continued upward momentum in thermal coal prices due to seasonal demand and tightening supply [3]. Summary by Sections Recent Industry Policies and Developments - The report discusses various projects, including a major energy logistics project in Xinjiang with a total investment of 2.56 billion RMB, aimed at enhancing energy security [4]. - It mentions the construction of a coal-to-natural gas project in Northeast China, which is expected to convert 7.5 million tons of low-quality coal into 1.33 billion cubic meters of natural gas annually [8]. Price Movements - Thermal coal prices have seen significant increases, with various regions reporting price hikes, such as a 20 RMB/ton increase in Datong and a 40 RMB/ton increase in Yulin [9]. - Coking coal prices remained stable, with prices reported at 1485 RMB/ton in Shanxi [12]. Supply and Demand Dynamics - The report indicates a decrease in daily coal inflow to the Bohai Rim ports, with an average of 1.4914 million tons, down 15.46% week-on-week [20]. - Conversely, coal outflow from the same ports increased by 24.93%, indicating a shift in supply-demand dynamics [20]. Shipping Costs - Domestic coastal shipping costs have risen significantly, with average freight rates reported at 43.05 RMB/ton, an increase of 28.96% [27]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts [32]. - For instance, China Shenhua's stock price is reported at 41.90 RMB with a market cap of 832.5 billion RMB and an EPS forecast of 2.95 RMB for 2024 [32].

Core Insights - The coal industry is experiencing a dual improvement in supply and demand, leading to higher-than-expected coal prices, with supply-side policies reducing overproduction and increasing safety inspections [1][2] - The La Niña phenomenon is expected to drive winter storage demand due to cold weather predictions, while unusual high temperatures in southeastern coastal areas have led to record-high daily coal consumption [1] - The market is shifting towards defensive dividend attributes and coal's low baseline fundamentals, enhancing its attractiveness [1] Supply Side - The coal supply contraction is leading the entire industry, with national coal production in July and August at 380 million and 390 million tons, significantly lower than the average monthly production of approximately 400 million tons over the past 18 months [2] - In August, the industrial raw coal production was 390 million tons, a year-on-year decrease of 3.2%, with a slight month-on-month increase of 10 million tons [2] - The total annual coal production is expected to be around 4.75 billion tons, a year-on-year decrease of 30 to 50 million tons [2] Demand Side - The total electricity consumption in August grew by 4.6%, a significant increase from the 2.5% growth in Q1, with expectations for the annual growth rate to exceed 5% [2] - Despite entering the typical demand off-season in September and October, demand has exceeded expectations, maintaining high levels in the East China region post the October holiday [2] Coal Prices - As of October 17, 2025, the price of Q5500 coal at Huanghua Port was 750 RMB/ton, an increase of 34 RMB/ton (4.7%) from the previous week [3] - Domestic supply remains stable while imports are expected to continue declining, with Q3 profits anticipated to rebound due to improved demand [2][3] Coking Coal - As of October 17, 2025, the price of main coking coal at Jingtang Port was 1690 RMB/ton, up 30 RMB/ton (1.8%) [3] - The average daily iron and steel production has slightly decreased, but demand is expected to remain strong [3] Investment Recommendations - The report recommends investing in core dividend stocks such as China Shenhua (601088.SH), Shaanxi Coal and Chemical Industry (601225.SH), and China Coal Energy (601898.SH) [3] - Continued recommendations include Yanzhou Coal Mining (600188.SH) and Jincheng Anthracite Mining (601001.SH) [3]