Core Viewpoint - The coal industry is experiencing significant profit declines, with 23 out of 25 listed coal companies reporting revenue drops and all 25 showing negative net profit growth in the first half of 2025, indicating a severe contraction in industry profitability [1][2][4]. Group 1: Financial Performance - In the first half of 2025, the total net profit of 25 coal companies was 554.72 billion yuan, a decrease of nearly 250 billion yuan from 808.11 billion yuan in the same period last year, and down nearly 500 billion yuan from 1,057.54 billion yuan two years ago [1][2]. - The top four coal companies, including China Shenhua, China Coal Energy, Shaanxi Coal and Yanzhou Coal, collectively earned over 100 billion yuan less compared to the first half of 2024 [1][2]. - China Shenhua maintained the highest revenue at 1,381.09 billion yuan, down 18.34% year-on-year, with a net profit of 246.41 billion yuan, down 12.03% [2][3]. Group 2: Price and Demand Factors - The decline in coal prices is attributed to a weak supply-demand relationship, with average sales prices for thermal coal dropping by over 20% across major markets [1][4]. - China Shenhua reported a 10.9% decrease in coal sales volume and a 12.9% drop in average sales price, leading to a significant reduction in sales revenue [3][4]. - The average selling price of coal for Shaanxi Coal was 439.67 yuan/ton, down 23.81% year-on-year, while China Coal Energy's price fell by 114 yuan/ton [3][4]. Group 3: Industry Outlook - Despite the current downturn, there are expectations for a potential recovery in coal prices during the second half of 2025, driven by seasonal demand increases and policy support [7][9]. - Analysts suggest that while short-term pressures remain, the coal market may stabilize as supply constraints and seasonal demand factors come into play [8][9]. - The overall sentiment among several coal companies indicates a cautious optimism for the second half of 2025, with expectations of improved demand due to seasonal factors and economic recovery policies [9].

Core Viewpoint - Yancoal Energy reported a stable performance in the first half of the year despite challenges in the coal market and energy sector transformation, with a focus on increasing production, controlling costs, expanding markets, and strengthening management [1] Financial Performance - In the first half of the year, Yancoal Energy achieved operating revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan, with record-high coal production and enhanced profitability from the coal chemical segment [1] - The company expects continued implementation of measures in the second half, supported by stabilizing coal prices, effective capacity release, and profit contributions from the Northwest Mining integration [1] Market Outlook - The coal market is showing signs of price improvement and increased production, with market coal prices recovering since late June due to stricter production checks, safety regulations, and seasonal demand [1] - Yancoal Energy anticipates an increase of over 40 million tons in coal production by 2025, primarily in the second half of the year [1] Production Capacity - In the first half of the year, Yancoal Energy's Shaanxi-Mongolia and Australian bases showed significant production increases, with total coal production reaching 73.6 million tons, a year-on-year increase of 4.52 million tons or 6.5% [2] - The Shaanxi-Mongolia base achieved full production capacity, contributing 23.55 million tons, a year-on-year increase of 2.15 million tons or 10%, with key mines significantly boosting output [2] Supply and Demand Dynamics - Domestic supply is expected to be limited in the second half of 2025 due to increased production checks and adverse weather conditions, while imports are projected to continue declining due to policies restricting low-quality coal [3] - Demand is expected to improve, supporting coal price stability, with anticipated steady growth in electricity coal demand and increased coal consumption in the chemical sector [3] International Market Insights - The International Energy Agency predicts a slight increase in global coal demand in 2025, with Yancoal Energy noting limited production increases from major coal-producing countries and geopolitical uncertainties affecting international coal prices [3]

Core Viewpoint - Yancoal Energy reported a stable performance in the first half of the year despite challenges in the coal market and energy sector transformation, with a focus on increasing production, controlling costs, expanding markets, and strengthening management [1] Financial Performance - In the first half of the year, Yancoal Energy achieved operating revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan, with record-high coal production and enhanced profitability from the coal chemical segment [1] - The company anticipates continued performance support in the second half due to stabilizing coal prices, effective capacity release, and profit contributions from the integration of Northwest Mining [1] Production and Capacity - Yancoal Energy's production in the Shaanxi and Mongolia bases and Australian bases showed significant increases, with total coal production reaching 73.6 million tons in the first half, a year-on-year increase of 4.52 million tons or 6.5% [2] - The Shaanxi and Mongolia base achieved full production capacity with a coal output of 23.55 million tons, a year-on-year increase of 2.15 million tons or 10%, with key mines contributing significantly to profit [2] Market Outlook - The company expects improved coal supply and demand dynamics in the second half of the year, driven by policy and market factors, leading to a more regulated and orderly coal supply [2] - Yancoal Energy predicts stable growth in electricity coal demand and increased coal consumption in the chemical sector, supported by major infrastructure projects [3] Supply and Demand Dynamics - Domestic supply is expected to be limited in the second half of 2025 due to enhanced production checks and adverse weather conditions, while imports are likely to continue declining due to restrictions on low-quality coal [3] - The International Energy Agency forecasts a slight increase in global coal demand in 2025, with Yancoal Energy anticipating stable international coal prices amid limited production increases from major coal-producing countries [3]

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： 股票代码：600188 股票简称：兖矿能源 编号：临 2025-057 1 用自有资金人民币 1.5-4 亿元通过集中竞价方式回购部分 H 股股份，每次回购 H 股价格不高于回购前 5 个交易日公司 H 股股票平均收市价的 105%。回购期限将在 下列较早的期限届满：（1）公司 2025 年度股东会结束之日；（2）公司股东于任何 股东会上通过特别决议案，撤回或修订有关回购 H 股授权之日。回购用途为减少 公司注册资本。根据法律法规，相关股份需在回购后 10 日内注销。 有关详情请参见公司日期为 2025 年 8月 29 日的关于以集中竞价交易方式回购 股份的回购报告书、关于以集中竞价交易方式回购股份方案的公告。该等资料刊 载于上海证券交易所网站、香港联合交易所有限公司网站、公司网站及/或《中国 证券报》《上海证券报》《证券时报》《证券日报》。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公 ...

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 。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2025 年 9 月 3 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 2025年9月3日 於本公告日期，本公司董事為李偉先生、王九红先生、劉健先生、劉強先生、張海軍先生、蘇力先生及 黃霄龍先生,而本公司的獨立非執行董事為朱利民先生、高井祥先生、胡家棟先生及朱睿女士。 *僅供識別 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 ...

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]

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 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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 | | 1 RMB | | 5,961,980,544 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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: 2025年9月2日 I. 法定/註冊股本變動 FF301 1. 由于本公司系在中華人民共和國註册成立，"法定股本"的概念幷不適用。上文第I節所示"法定/註册股本"的信息系指本公司的"註册股本"。 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 (-) | | ...

Core Viewpoint - UBS reports that Yanzhou Coal Mining Company (600188)(01171) experienced weak performance in the first half of the year, with net profit declining by 39% year-on-year, indicating a 49% drop in net profit for the second quarter to RMB 2.021 billion [1] Financial Performance - The company declared an interim dividend of RMB 0.18 per share, with a payout ratio of 38%, slightly higher than the 31% from the same period last year [1] - UBS has adjusted its earnings forecasts for Yanzhou Coal Mining upwards by 7% and 6% for the next two years [1] Target Price and Rating - The target price for Yanzhou Coal Mining has been raised from HKD 6.8 to HKD 7, while maintaining a "Sell" rating [1]

Core Viewpoint - UBS reported that Yanzhou Coal Mining Company (01171) experienced weak performance in the first half of the year, with net profit declining by 39% year-on-year, indicating a 49% drop in net profit for the second quarter to 2.021 billion RMB [1] Financial Performance - The company declared an interim dividend of 0.18 RMB per share, with a payout ratio of 38%, slightly higher than the 31% from the same period last year [1] - UBS has adjusted its earnings forecasts for Yanzhou Coal Mining upwards by 7% and 6% for the next two years [1] Target Price and Rating - The target price for Yanzhou Coal Mining has been raised from 6.8 HKD to 7 HKD, while maintaining a "Sell" rating [1]