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股票简称：兖矿能源 股票代码：600188 编号：临 2025-052 投资者可于2025年8月29日（周五）17:00前将关注的问题 通过电子邮件的形式发送至IR@ykenergy.com。本公司将会于2025年 中期业绩说明会（"业绩说明会"）上对投资者普遍关注的问题进行回 答。 一、说明会类型 兖矿能源集团股份有限公司（"公司""本公司"）将于2025年8 月30日在上海证券交易所网站、香港联合交易所网站披露2025年中期 业绩。为协助投资者更好地了解公司业绩，公司拟以现场、电话及网 络会议的方式召开业绩说明会。 二、说明会召开的时间、方式 1 会议召开时间：2025年9月1日（周一）09:30-10:30 会议召开方式：现场、电话及网络会议 会议召开地点：香港中区法院道太古广场港岛香格里拉5 楼香岛殿C 网络参会地址：https://s.comein.cn/513h1wew （一）召开时间：2025年9月1日（周一）09:30-10:30 （二）召开方式：现场、电话及网络会议 兖矿能源集团股份有限公司 关于举办 2025 年中期业绩说明会的公告 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 ...

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 關於舉辦2025年中期業績説明會的公告 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。 兗礦能源集團股份有限公司（「公司」）將於2025年9月1日（周一）舉辦2025年中 期業績説明會（「業績説明會」）。現將有關事項公告如下： 一、業績説明會類型 公司將於2025年8月30日在上海證券交易所網站、香港聯合交易所網站披露2025年中 期業績。為協助投資者更好地瞭解公司業績，公司擬以現場、電話及網絡會議的方 式召開業績說明會。 二、業績説明會召開的時間、方式 1 （五）網絡參會地址：https://s.comein.cn/513h1wew，投資者按網站提示注册後即可參 與業績說明會 ...

Core Insights - The company is implementing a comprehensive management upgrade at the Tuanlongwan coal mine, focusing on intelligent mining and lean management to enhance efficiency and reduce costs [1][4]. Group 1: Management Innovations - The Tuanlongwan coal mine has adopted a lean management approach, emphasizing clear responsibilities and regular assessments, which has led to significant improvements in operational efficiency [2][4]. - A new "24-hour autonomous material issuance" system has reduced inventory levels by over 75%, showcasing the effectiveness of grassroots innovations [3][4]. - The integration of lean thinking and digital technology is driving profound changes in production and management models, with a focus on real-time data monitoring and proactive maintenance [4][6]. Group 2: Financial Performance and Cost Management - The company achieved a budget execution rate of 98% through a robust budget system and strict contract management, resulting in a cost saving of 24.05 million yuan in the first half of 2025 [4][5]. - The implementation of a flexible human resources market mechanism has led to the successful undertaking of 119 auxiliary projects, generating an additional 2.76 million yuan in revenue [5][6]. Group 3: Quality and Efficiency Improvements - The company has seen a 4.17% reduction in the waste rock rate, saving 11.4 million yuan in disposal costs by enhancing geological prediction accuracy [6]. - The Tuanlongwan coal mine has achieved over 100% growth in both coal production and tunneling progress, with significant contributions from quality improvement projects [6]. Group 4: Industry Leadership and Recognition - The Tuanlongwan coal mine has received national recognition for its innovative intelligent mining technologies, winning top awards in industry competitions [6].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has shown a mixed performance in stock price and financial results, with a recent increase in stock price but a decline in revenue and net profit year-on-year [1][2]. Financial Performance - As of March 31, 2025, Yanzhou Coal reported a revenue of 30.31 billion yuan, a year-on-year decrease of 23.52% [2]. - The net profit attributable to shareholders was 2.71 billion yuan, down 27.86% compared to the previous year [2]. - The company has distributed a total of 85.04 billion yuan in dividends since its A-share listing, with 40.57 billion yuan distributed in the last three years [3]. Stock Market Activity - On August 25, 2023, Yanzhou Coal's stock price increased by 2.05%, reaching 13.44 yuan per share, with a trading volume of 436 million yuan [1]. - The company experienced a net inflow of 10.11 million yuan from major funds, with significant buying activity from large orders [1]. - Year-to-date, the stock price has decreased by 1.39%, but it has seen a 3.94% increase over the last five trading days and a 9.00% increase over the last 60 days [1]. Shareholder Structure - As of March 31, 2025, the number of shareholders increased to 146,100, with an average of 0 shares per shareholder [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 92.61 million shares, an increase of 4.10 million shares from the previous period [3].

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market performance [3]. Core Insights - The report highlights that the coal market is experiencing short-term price fluctuations due to supply constraints caused by heavy rainfall and production checks in key mining areas. It anticipates that coal prices will stabilize as temperatures drop across most regions [3]. - The report provides specific price data for thermal coal and coking coal, noting that while some thermal coal prices have decreased, others have seen slight increases. The overall trend suggests a mixed but stable pricing environment [3][10][12]. - The report emphasizes the importance of supply and demand dynamics, with increased daily coal inflow and outflow at the ports, leading to a decrease in coal inventory levels [21]. Summary by Sections Recent Industry Policies and Developments - The report discusses recent developments in coal mining projects and safety initiatives, including approvals for increased production capacities in certain regions [9]. Price Trends - Thermal coal prices have shown mixed results, with some prices remaining stable while others have increased slightly. Coking coal prices are expected to experience minor fluctuations before potentially rising again due to seasonal demand [10][12]. International Oil Prices - The report notes an increase in Brent crude oil prices, which may influence coal pricing dynamics. The relationship between international oil prices and coal prices is highlighted, with a noted increase in the ratio of oil to coal prices [17]. Port Inventory and Shipping Costs - The report indicates a decrease in coal inventory at the ports, with increased daily inflow and outflow rates. Shipping costs for domestic routes have also risen slightly, reflecting broader market trends [21][27]. Company Valuation - The report includes a valuation table for key companies in the coal sector, providing insights into their market performance and earnings projections. Companies such as China Shenhua and Shaanxi Coal are highlighted for their stable operations and high dividend yields [33].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5]. Core Viewpoints - The Asian metallurgical coal market is expected to continue its recovery in Q3 2025, supported by post-monsoon inventory replenishment in India and potential rebounds in the Chinese domestic market [2]. - Despite supply pressures from adverse weather and safety issues in Australian mining, the overall outlook for the metallurgical coal market remains positive [2]. Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $67.73 per barrel, up by $1.88 (+2.85%) from the previous week, while WTI crude oil futures increased by $0.86 (+1.37%) to $63.66 per barrel [1]. - Natural gas prices in Northeast Asia rose to $11.705 per million British thermal units, an increase of $0.847 (+7.80%) [1]. Coal Price Trends - European ARA port coal prices increased by $3.0 to $101.8 per ton (+3.1%), while Newcastle port coal prices rose slightly by $0.2 to $112.3 per ton (+0.2%) [1]. - The IPE South African Richards Bay coal futures settled at $89.7 per ton, down by $0.5 (-0.4%) [1]. Investment Recommendations - Key recommendations include major coal enterprises such as China Coal Energy (H+A) and China Shenhua (H+A), with a focus on companies showing potential for turnaround like China Qinfa [3]. - High-performing stocks include Shaanxi Coal and Electricity, China Energy Investment, and Huai Bei Mining, while companies like Yancoal and Jinkong Coal are noted for their flexibility and potential for growth [3]. Market Dynamics - The report highlights a significant trend where China is transitioning from a coal importer to an exporter, driven by a surplus in the domestic market [8]. - The forecast for Q3 2025 anticipates that the price of high-quality low-volatile hard coking coal will average $178 per ton, with expectations of $181 per ton in the second half of 2025 [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]