。 股票代码：600188 股票简称：兖矿能源 编号：临 2025-024 兖矿能源集团股份有限公司 2025 年第一季度主要运营数据公告 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。 经兖矿能源集团股份有限公司（"公司"）内部统计，2025 年第 一季度，公司及其附属公司煤炭业务、煤化工业务主要运营数据如下 表： | | | | 第一季度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | | 2024 | 年 | | 增减幅（%） | | 一、煤炭业务 | | | | | | | | 1.商品煤产量 | | 3,680 | | 3,463 | 6.26 | | | 2.商品煤销量 | | 3,202 | | 3,418 | | -6.34 | | 其中：自产煤销量 | | 3,060 | | 3,113 | | -1.71 | | 二、煤化工业务 | | | | | | | | （一）甲醇 | | | | | | | | 1.产量 | | 1 ...

Group 1 - The core index of the A-share market showed mixed performance, with the China Securities Energy Index rising by 0.89% to 2609.76 points, with a trading volume of 9.268 billion yuan [1] - Over the past month, the China Securities Energy Index has decreased by 2.70%, down 8.34% over the last three months, and down 13.01% year-to-date [1] - The top ten weighted stocks in the China Securities Energy Index include China Shenhua (15.98%), China Petroleum (13.33%), and China Petrochemical (12.31%) [1] Group 2 - The China Securities Energy Index is composed entirely of energy sector stocks, with a 100% industry representation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index samples occur when the China Securities 800 Index undergoes changes, and companies that experience special events affecting their industry classification will also lead to adjustments in the index [2]

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for performance improvement due to supply contraction leading to a rebound in coal prices and company performance [1]. Core Insights - The domestic raw coal production increased by 7.7% year-on-year in the first two months of 2025, totaling 765 million tons, while coal imports saw a decline of 0.9% year-on-year [2][3]. - The average price of thermal coal and coking coal at ports dropped significantly in Q1 2025, with thermal coal prices falling approximately 19.92% year-on-year and coking coal prices down about 40.21% year-on-year [2][16]. - Key companies in the coal sector are expected to report varying performance in their Q1 2025 earnings, with China Shenhua and Electric Power Investment Energy showing better-than-expected results, while Shaanxi Black Cat is anticipated to underperform [2][18]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production increased by 600.6 million tons, a 7.7% rise compared to the same period in 2024, with significant contributions from Shanxi (20.3% increase) and Inner Mongolia (2.0% increase) [3][8]. - Coal imports for the first three months of 2025 totaled 11.5 million tons, reflecting a 0.9% decrease year-on-year, with March marking the first month of negative growth since January 2023 [11][13]. Price Trends - The average price of 5500 kcal thermal coal at ports was approximately 723 RMB/ton in Q1 2025, down from 903 RMB/ton in Q1 2024, marking a decline of 19.92% [2][16]. - Coking coal prices also saw a significant drop, with the average price for Shanxi's main coking coal at 1444 RMB/ton in Q1 2025, down 40.21% from 2416 RMB/ton in Q1 2024 [2][17]. Company Performance Forecasts - China Shenhua is expected to report an EPS of 0.70, a year-on-year decrease of 12.94%, while Electric Power Investment Energy is projected to have an EPS of 0.84, down 3.6% year-on-year [2][18]. - Companies like Shaanxi Coal and Yanzhou Coal are expected to report earnings that are in line with expectations, while Shaanxi Black Cat is forecasted to underperform with an EPS of -0.27, a significant drop of 169.28% year-on-year [2][18]. Investment Recommendations - The report recommends focusing on companies benefiting from increased market coal and stable operations with high dividends, such as China Shenhua and Shaanxi Coal, while also considering undervalued companies like Huabei Mining and Pingmei Shenma [2].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the potential for coal investments due to the expected recovery in domestic demand amid escalating trade tensions. The coal market is viewed as a defensive asset class, particularly in light of the current economic environment and monetary policy shifts [3][4][13]. - The coal prices have stabilized at ports, with CCTD thermal coal Q5500 priced at 676 CNY/ton, remaining unchanged week-on-week. The report notes that the market sentiment is improving as inventory issues begin to ease [3][4]. - The report outlines several factors that could support a rebound in coal prices, including the long-term contract price ceiling, the maintenance of the annual contract system, and the linkage between coal and electricity prices [3][4]. Summary by Sections Investment Logic - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures from U.S. tariffs create a favorable environment for coal as a stable dividend investment [4][13]. - The cyclical nature of coal stocks is highlighted, with both thermal and coking coal prices at low levels, suggesting potential for recovery as supply-demand fundamentals improve [4][13]. Key Market Indicators - The report provides a snapshot of key indicators, noting that the coal sector has underperformed the CSI 300 index by 2.17 percentage points, with a weekly decline of 5.04% [8][10]. - The current PE ratio for the coal sector is 10.2, and the PB ratio is 1.16, indicating relatively low valuations compared to other sectors [10][14]. Coal Price Trends - Port coal prices have remained stable, with the Qinhuangdao port price holding steady. The report notes a slight increase in prices at some production sites, indicating a mixed market response [3][4][16]. - The report also highlights the international coal price trends, with Newcastle prices showing slight increases, while domestic prices remain competitive against imports [16][17]. Supply and Demand Dynamics - As of April 6, the operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 81.7%, a slight decrease from the previous week. Coastal power plants' daily coal consumption has also seen a minor decline [3][4][16]. - The report indicates that non-electric coal demand is showing signs of improvement, with methanol and urea production rates increasing, which may further support coal inventory reduction [3][4][16]. Company Performance and Recommendations - The report lists several coal companies with strong dividend potential and cyclical recovery prospects, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [4][14][18]. - The report suggests that the coal sector is likely to see increased capital inflows as institutional investors recognize the current valuation as a bottoming opportunity [4][13].

Investment Rating - The report recommends a "Buy" rating for key coal enterprises such as China Shenhua and China Coal Energy, highlighting their strong financial performance and potential for high dividends [8][10]. Core Viewpoints - The coal industry is experiencing a cyclical downturn, but companies are focusing on cost control and operational efficiency to maintain profitability. Major state-owned enterprises like Shenhua and China Coal have shown a significant reduction in performance decline compared to coal price drops, indicating effective cost management [3][8]. - The report emphasizes the importance of maintaining investor confidence through high-quality development and asset integration within state-owned enterprises [2][3]. - The current coal prices are seen as bottoming out, with expectations of benefiting from domestic policies aimed at stabilizing growth and increasing domestic demand [2][8]. Summary by Sections Industry Overview - The CITIC Coal Index decreased by 5.04% during the week of April 7-11, 2025, underperforming the CSI 300 Index by 2.16 percentage points [1][75]. - The report notes that the coal market is currently in a phase of narrow fluctuations, with supply stability and limited demand growth impacting price movements [11][33]. Key Company Analysis - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [6][8]. - Both companies are expected to increase share buybacks and dividends, enhancing shareholder returns [8][10]. Market Dynamics - The report indicates that the coal market is characterized by a seasonal downturn, with limited demand from power plants and a shift towards cleaner energy sources impacting coal consumption [11][33]. - The report highlights that the focus on cost control and operational efficiency is crucial for maintaining profitability amid fluctuating coal prices [3][8]. Price Trends - As of April 11, 2025, the price of Qinhuangdao port Q5500 thermal coal is reported at 676 RMB/ton, showing stability week-on-week [11][33]. - The report anticipates that coal prices will remain under pressure due to weak demand and high inventory levels, but significant price drops are not expected in the short term [11][33].

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) plans to acquire a 51% stake in Northwest Mining Company (西北矿业) for a total cash consideration of 140.66 billion yuan, aiming to enhance its profitability despite a decline in coal prices impacting its financial performance [2][5]. Acquisition Details - The acquisition involves Yanzhou Coal purchasing 26% of Northwest Mining for 47.48 billion yuan and injecting 93.18 billion yuan as capital increase [3][4]. - Prior to the acquisition, the ownership of Northwest Mining was held by various subsidiaries of Shandong Energy Group, with Yanzhou Coal being a subsidiary itself [5]. Financial Performance - In 2024, Yanzhou Coal's revenue and net profit are projected to decline by 7.29% and 28.39%, respectively, despite an increase in coal production [7][8]. - The company reported a coal production increase of 1.42 million tons, but the sales revenue from coal dropped to 916.25 billion yuan, a decrease of 103.95 billion yuan [8][9]. Industry Context - The coal industry is facing challenges with a significant drop in coal prices, with average prices for various coal types declining by 1.8% to 44.53% year-on-year [8][9]. - The overall revenue for major coal enterprises in China decreased by 11.1%, with a profit drop of 22.2%, indicating a tough market environment [8][9]. Future Outlook - Yanzhou Coal aims to enhance its operational capabilities post-acquisition, with a commitment to achieve a cumulative net profit of no less than 71.22 billion yuan from 2025 to 2027 [6]. - The company plans to focus on high-quality development, targeting a coal production of 1.55 to 1.6 million tons in 2025, while also aiming to reduce its debt ratio below 60% [10].

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。 中國山東省鄒城市 2025年4月10日 於本公告日期，本公司董事為李偉先生、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彭蘇萍先生、朱利民先生、胡家 棟先生及朱睿女士。 * 僅供識別 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) 董事會會議通知 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事 會將於 2025 年 4 月 25 日（星期五）於本公司總部舉行董事會會議，籍以審議並公 佈（其中包括）本公司及其附屬公司截至 2025 年 3 月 31 日止三個月之未經審計第 一季度業績（按照中國會計准則編制）。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 ...

动力煤龙头兖矿能源（600188）(600188.SH、01171.HK)将获控股股东注入煤炭资源。 4月8日晚间，兖矿能源发布资产收购计划。公司拟以现金140.66亿元收购控股股东山东能源集团权属公 司山东能源集团西北矿业有限公司(简称"西北矿业")51%股权，其中以现金47.48亿元受让西北矿业26% 股权，以现金93.18亿元向西北矿业增资。 实施百亿元级收购，兖矿能源将减少与山东能源集团之间的同业竞争问题。同时，通过对山东能源集团 优质煤炭资源的整合，兖矿能源将进一步增厚其在西北地区的煤炭资源储备，进而增强盈利能力。 长江商报记者注意到，由于煤炭市场震荡下行，商品煤价格下跌致煤炭业务盈利下滑，2024年，兖矿能 源实现营业收入1391.24亿元，同比减少7.29%；归属于上市公司股东的净利润144.25亿元，同比减少 28.39%。 报告期内，兖矿能源(合并口径，下同)的煤炭销售价格为672.18元/吨，同比减少约16.3%。 本次交易中，西北矿业现有股东方作出业绩承诺，2025年至2027年，西北矿业对应的经审计的扣除非经 常性损益后归母净利润累计不低于71.22亿元。 拟140亿取得西北矿业51% ...

证券研究报告 [Table_Title] 西北矿业煤炭并购项目再落地，践行战略规 划兑现成长 [Table_ReportDate] 2025 年 4 月 9 日 [Table_S 事件：2025 ummar年y]4 月 8 日，兖矿能源发布关联交易公告，拟以现金 140.66 亿 元收购控股股东山东能源集团有限公司权属公司山东能源集团西北矿业有 限公司 51%股权，其中以现金 47.48 亿元收购西北矿业现有股东 26%股权， 以现金 93.18 亿元向西北矿业增资。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兖矿能源(600188) 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 公司研究 信达证券股份有限公司 CINDASECURITIESC ...

值得注意的是，就在4月8日晚，兖矿能源刚公告称，拟以现金140.66亿元收购山东能源集团西北矿业有 限公司（以下简称"西北矿业"）51%股权，其中以现金47.48亿元收购西北矿业现有股东26%股权，以现 金93.18亿元向西北矿业增资。而西北矿业下辖矿井正是山东能源的优质煤炭资产，该项交易将进一步 落实山东能源在西北区域的优质煤矿资产注入兖矿能源，也是兖矿能源向3亿吨原煤当量目标迈进的重 要一步。 兖矿能源有关负责人对《证券日报》记者表示，公司未来还将持续强化资源支撑体系，在加快落实控股 股东所属西北、内蒙古等区域优质煤矿资产注入的同时，积极获取陕蒙、新疆等国家能源战略基地"核 心产区"优质煤炭资源，同时密切关注境外焦煤、有色金属等资产并购机会。 （文章来源：证券日报） 公告显示，兖矿能源4月9日收到控股股东山东能源发来的《关于支持上市公司高质量发展的函》，山东 能源坚定看好中国资本市场发展前景和兖矿能源的长期投资价值，并做出如下承诺： 一是除因法律法规、规章及规范性文件、国家政策和监管机构另有要求外，山东能源自本承诺函出具之 日起12个月内，将不主动减持所持有的兖矿能源股份。而且在上述承诺期间内，如兖矿能源 ...