重要提示 本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實性、準確性、完整性，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 《兗礦能源集團股份有限公司2024年年度報告》已經公司第九屆董事會第十四次會議審議通過，會議應出席董事10 人，實出席董事10人，公司全體董事出席董事會會議。 天職香港會計師事務所有限公司為本公司出具了標準無保留意見的審計報告。 公司董事長李偉先生、財務總監趙治國先生及財務管理部部長於強先生聲明：保證年度報告中財務報告的真實、準 確、完整。 2024年度，公司按中國會計準則實現歸母淨利潤144.25億元，按國際財務報告準則實現的歸母淨利潤140.56億元，根 據公司章程及2023-2025年度分紅政策，2024年度現金股利為0.77元╱股（含稅），扣除2024年半年度現金股利0.23元╱ 股（含稅）後，公司董事會建議以權益分派股權登記日的總股本為基數，派發2024年度末期現金股利0.54元╱股（含 稅）。 本年度報告中有關未來計劃等前瞻性陳述，不構成本公司對投資者的實質性承諾，請投資者注意投資風險。 本公司不存在被控股股東及其關聯方非經營性佔用 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported sales revenue of 124,534,194 thousand, a decrease of 6.5% compared to 2023's 132,742,542 thousand[24]. - Gross profit for 2024 was 41,829,597 thousand, down 17.3% from 2023's 50,586,040 thousand[24]. - The company achieved a net profit attributable to shareholders of 14,056,067 thousand, representing a decline of 26.5% from 2023's 19,222,120 thousand[24]. - Earnings per share (EPS) for 2024 was 1.42, down from 1.97 in 2023, reflecting a decrease of 28%[24]. - The company reported a net cash flow from operating activities of 23,139,743 thousand, an increase of 38.0% compared to 2023's 16,786,490 thousand[29]. - Total assets as of December 31, 2024, were 356,350,370 thousand, a slight increase from 352,359,441 thousand in 2023[27]. - The company’s total borrowings increased to 110,796,061 thousand in 2024, up from 100,187,984 thousand in 2023, marking a rise of 16.1%[27]. - The net asset return rate for 2024 was 23.98%, a decrease from 34.66% in 2023[27]. - The company achieved a record coal production of 142 million tons for the year, an increase of 10.39 million tons year-on-year, with chemical product output reaching 8.7 million tons, up by 110,000 tons[34]. - The company plans to distribute a total dividend of 0.77 per share for the year, amounting to a total of 77.3 billion[33]. Business Operations - The company is actively involved in coal resource development and chemical project operations through its various subsidiaries[10]. - The company holds a 53.92% stake in Shandong Energy Group Financial Co., Ltd. and a 62.26% stake in Yancoal Australia Ltd. as of the end of the reporting period[11]. - The company has merged financial statements with several subsidiaries, including Shandong Yunkuang Guotuo Technology Engineering Co., Ltd., enhancing its operational capacity[24]. - The company has established three national-level and 22 provincial-level high-end R&D platforms, leading in advanced mining technologies[51]. - The company has a coal resource reserve of 46.4 billion tons, ranking among the top in the industry[50]. - The company has initiated two 800,000-ton olefin projects in Inner Mongolia and Xinjiang, and a 500,000-ton high-temperature Fischer-Tropsch synthesis project in Shaanxi[34]. - The company is expanding its mining capacity, with the Shandong base expected to maintain coal production between 37-40 million tons, and the Shaanxi-Mongolia base projected to reach 44-46 million tons[38]. - The company has acquired a leading logistics firm, enhancing its logistics capabilities with a static coal storage capacity of 2 million tons and a cargo throughput capacity of 60 million tons[34]. Market and Sales - The company plans to focus on expanding its market presence in Southeast Asia and Australia[60]. - The overall coal sales were primarily concentrated in China, Japan, South Korea, Australia, and Thailand[60]. - The sales revenue from the Australian subsidiary, Yancoal Australia, increased by 10.55% to 36.937 billion in 2024[54]. - The sales volume in the Chinese market reached 111.165 million tons, generating 70.342 billion in revenue[61]. - The company experienced a decline in sales revenue from the coal business in Japan, which fell to 10.684 billion in 2024 from 12.735 billion in 2023[61]. Strategic Initiatives - The company plans to enhance its high-end equipment manufacturing sector, targeting revenue of over 2 billion yuan from the Lu Xi smart manufacturing park by 2025[38]. - The company aims to reduce controllable expenses by 5% through strict budget control and optimization of human resource allocation[41]. - The company plans to lower comprehensive financing costs by 6% and reduce financial expenses by 300 million yuan[41]. - The company is focusing on risk management in high-risk sectors like coal mining and coal chemical industries, implementing comprehensive safety measures[141]. - The group plans capital expenditures of 195.45 billion for 2025, with major funding sources including self-owned funds, bank loans, and bond issuance[135]. Governance and Management - The board of directors includes six executive directors and four independent non-executive directors[4]. - The company has implemented an annual salary assessment and incentive mechanism for directors and senior management, with basic salaries pre-paid monthly and performance salaries settled after annual audits[190]. - The company has no significant interests held by directors, supervisors, or senior management in competing businesses as of December 31, 2024[191]. - The company has established foreign exchange hedging contracts to manage foreign currency risks associated with expected sales revenue and dividend distributions[147]. - The company has revised its articles of association to optimize the mid-term dividend process and improve decision-making efficiency[156]. Research and Development - The total R&D expenditure for the period was 2,735 million RMB, accounting for 1.97% of sales revenue[91]. - The company has 4,491 R&D personnel, representing 5.76% of the total workforce[91]. - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[171]. - The company is focusing on sustainability initiatives, with a budget of $K million dedicated to ESG projects in the upcoming year[175]. Environmental and Social Responsibility - The group has committed to strict compliance with environmental regulations and is actively promoting the transformation of traditional industries towards green and low-carbon development[142]. - The group is enhancing its facilities and management levels to ensure compliance with pollution discharge standards as part of its strategic transformation[142]. - The group made charitable donations amounting to RMB 58.002 million in the 2024 fiscal year[151]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25%[171]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[170]. - The company plans to expand its market presence by increasing its sales force by H%, targeting I new markets[175].

Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 14.425 billion yuan under Chinese accounting standards and 14.056 billion yuan under international financial reporting standards[2]. - For the fiscal year ending December 31, 2024, the company reported sales revenue of 124,534,194 thousand yuan, a decrease of 6.5% compared to 132,742,542 thousand yuan in 2023[27]. - Gross profit for 2024 was 41,829,597 thousand yuan, down 17.3% from 50,586,040 thousand yuan in 2023[27]. - The company achieved a net profit attributable to shareholders of 14,056,067 thousand yuan in 2024, representing a decline of 26.5% from 19,222,120 thousand yuan in 2023[27]. - The company’s total assets increased to 356,350,370 thousand yuan in 2024, up from 352,359,441 thousand yuan in 2023[30]. - The company’s return on equity (ROE) for 2024 was 23.98%, a decrease from 34.66% in 2023[30]. - The company’s total borrowings increased to 110,796,061 thousand yuan in 2024, compared to 100,187,984 thousand yuan in 2023[30]. - The company’s net cash generated from operating activities was 23,139,743 thousand yuan in 2024, an increase of 38.5% compared to 16,786,490 thousand yuan in 2023[32]. - The company plans to distribute a total dividend of 0.77 yuan per share for 2024, amounting to 77.3 billion yuan[36]. - The company aims to improve its financial performance and operational data through retrospective adjustments for previous years[25]. Production and Operations - The company achieved a record coal production of 142 million tons, an increase of 10.39 million tons year-on-year, with a chemical product output of 8.7 million tons, up by 110,000 tons[37]. - The company plans to produce 155-160 million tons of coal and 8.6-9 million tons of chemical products in 2025, aiming to reduce coal sales costs by 3% year-on-year[40]. - The company is expanding its mining capacity, with the Shandong base expected to maintain coal production between 37-40 million tons and the Shaanxi-Mongolia base projected to reach 44-46 million tons[41]. - The company has initiated two 800,000-ton olefin projects in Inner Mongolia and Xinjiang, and a 500,000-ton high-temperature Fischer-Tropsch synthesis project in Shaanxi[37]. - The company has merged financial statements with several subsidiaries, including Shandong Yunkuang Guotuo Technology Engineering Co., Ltd. and SMT Scharf AG, enhancing its operational capacity[27]. Market Performance - The coal business revenue decreased to 91.625 billion, a decline of 10.2% or 10.395 billion compared to the previous year[61]. - The average selling price of coal decreased to 672.18 yuan per ton, down from 803.15 yuan per ton in 2023[61]. - The company experienced a decrease in sales revenue from the coal business in China, with a total of 70.342 billion in 2024 compared to 76.252 billion in 2023[64]. - The sales revenue from the Australian subsidiary, Yancoal Australia, increased by 10.55% to 36.937 billion[57]. - The overall coal sales in the international market showed a mixed performance, with a notable decline in sales revenue from Japan, dropping to 10.684 billion from 12.735 billion[64]. Strategic Initiatives - The company plans to enhance its high-end equipment manufacturing sector, targeting revenue of over 2 billion yuan from the Lushi smart manufacturing park by 2025[41]. - The company is committed to enhancing its brand image through ESG initiatives and fulfilling social responsibilities[44]. - The company plans to lower comprehensive financing costs by 6% and reduce financial expenses by 300 million yuan[44]. - The company aims to reduce controllable expenses by 5% through strict budget control and optimization of human resources[44]. - The company is exploring potential acquisitions to strengthen its market position, with a budget allocation of $200 million for strategic investments[174]. Governance and Management - The company has established a mechanism for annual salary evaluation and incentive for directors and senior management[189]. - The company proposed an average compensation of RMB 250,000 (including tax) for independent directors in 2024, contingent on achieving operational targets[184]. - The company has not faced any penalties from securities regulatory authorities in the past three years[191]. - The company’s independent directors' compensation will be reviewed based on the company's performance assessment policy after achieving operational goals in 2024[184]. - The company has seen a significant turnover in its senior management, with several key personnel changes, including the departure of senior technical expert Ma Junpeng in June 2024[180]. Research and Development - The total R&D expenditure for the period was 2,735 million RMB, accounting for 1.97% of sales revenue[94]. - The company has 4,491 R&D personnel, representing 5.76% of the total workforce[94]. - Research and development expenditure increased by 15% year-over-year, totaling $50 million, to support innovation efforts[174]. - New product development includes the launch of an innovative coal processing technology expected to enhance efficiency by 25%[172]. - The company is investing $G million in R&D for new technologies, aiming to improve product offerings and customer satisfaction[178]. Environmental and Social Responsibility - The group plans to strictly implement environmental regulations and promote the transformation of traditional industries towards green and low-carbon development[145]. - The group is committed to enhancing its facilities and management levels to ensure compliance with pollution discharge standards[145]. - The group made charitable donations amounting to RMB 58.002 million in the 2024 fiscal year[154]. - The company is focusing on clean energy technology, as evidenced by Zhao Zhiguo's role in the Yanzhong Clean Energy Technology Co., Ltd. since April 2022[183]. - The company has identified safety management risks in coal mining and coal chemical industries, implementing measures for risk assessment and management[144].

股票简称：兖矿能源 股票代码：600188 编号：临 2025-013 兖矿能源集团股份有限公司 关于举办 2024 年度业绩说明会的公告 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、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： 投资者可于2025年3月28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2024年 度业绩说明会（"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3月 28日在上海证券交易所网站、香港联合交易所网站披露2024年度业绩。 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3月31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39 楼天窗厅 网络参会地址：https://s.comein.cn/tv7tc2eu （一）召开时间： ...

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

行业周报 | 煤炭 证券研究报告 推荐（维持） 报告日期 2025 03 16 相关研究 2025.3.2- 2025.3.8 -2025.03.09 2025 - 2025.03.05 2025.2.23- 2025.3.1 -2025.03.02 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 分析师：李冉冉 S0190525010002 liranran@xyzq.com.cn 煤炭行业周报（2025.3.9-2025.3.15）—— 产地煤价回升，静待非电需求复苏 投资要点： 3 9 2742.0 880.3/1211.4/650.3 -1.9/+6.8/-5.0 ⚫ 3 14 1400 / 20 / 1430 / 5# 870 / 5# 1050 / 5 / 3 14 1241 / 43 / 1371 / 21 / 130 / 22 / ⚫ 请阅读最后评级说明和重要声明 1/14 ⚫ ⚫ | | 4 | | --- | --- | | | 4 | | | 8 | | | 9 | | | 10 | | 11 | | | 2025.3.10-2025.3.14 | ...

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 3 月 28 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 2024 年 12 月 31 日止年度之經審計年度業 績及建議派發末期股息（如有）。 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3月13日 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) 董事會會議通知 * 僅供識別 1 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。 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2]. Core Views - Short-term stabilization of coal prices is expected, with opportunities for investment in undervalued stocks [7][10]. - The coal market is showing signs of recovery due to supply tightening and increased demand from industrial sectors [7]. - The report emphasizes the importance of value investing in leading companies within the coal sector, particularly those with integrated operations [10]. Summary by Sections 1. Core Views and Business Tracking - The report highlights the importance of dividend policies and growth prospects for key companies in the coal sector [15]. - It tracks the operational performance of listed companies, noting fluctuations in production and sales figures [17]. 2. Coal Price Tracking - Coal prices are being monitored closely, with specific attention to both domestic and international price movements [11]. - The report indicates that the average price of thermal coal at the port has seen a slight decrease, while demand has shown signs of recovery [7][10]. 3. Coal Inventory Tracking - The report provides insights into production levels and inventory status for both thermal and coking coal [11]. - It notes that the average daily production of thermal coal from sample mines is approximately 5.7 million tons, with a slight week-on-week decrease [10]. 4. Downstream Performance of the Coal Industry - The report discusses the consumption patterns of coal in downstream industries, particularly in power generation and steel production [11]. - It highlights the recovery in coal consumption as industrial operations ramp up during the "golden three silver four" period [7]. 5. Performance of the Coal Sector and Individual Stocks - The report analyzes the performance of the coal sector, noting a 0.4% increase week-on-week [11]. - It provides a detailed performance overview of key coal companies, emphasizing their earnings forecasts and market positioning [17].

股票代码：600188 股票简称：兖矿能源 编号：临 2025-012 兖矿能源集团股份有限公司 关于 2021 年 A 股限制性股票激励计划 第二期解除限售暨上市的公告 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、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法 承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 36,738,702 股。 本次股票上市流通总数为 36,738,702 股。 本次股票上市流通日期为 2025 年 3 月 7 日。 兖矿能源集团股份有限公司（"公司"）于 2025 年 2 月 24 日召开 第九届董事会第十三次会议和第九届监事会第九次会议，通过了《关 于审议批准解禁A股限制性股票激励第二批限售股份的议案》，确认公 司 2021 年A股限制性股票激励计划（"本激励计划"）第二个解除限售 期解除限售条件已经达成，同意为 1,171 名激励对象办理相关限制性 股票解除限售事宜。根据本激励计划规定和公司 2022 年度第一次临时 股东大会、2022 年度第一次A股及H股类别股东大会（"股东大会"）授 权，现就第 ...

上海市锦天城律师事务所 关于兖矿能源集团股份有限公司 2021 年 A 股限制性股票激 励计划第二个解除限售期解除限售条件达成、回购注销部分 限制性股票并调整回购价格及数量相关事宜的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话: 021-20511000 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于兖矿能源集团股份有限公司 2021 年 A 股限制性股票激励计划第二个解除限售期解除限售条 件达成、回购注销部分限制性股票并调整回购价格及数量相关事 宜的法律意见书 致:兖矿能源集团股份有限公司 上海市锦天城律师事务所(以下简称"锦天城"或"本所")接受兖矿能源集团 股份有限公司(以下简称"公司"或"兖矿能源")的委托,担任公司"2021年 A 股 限制性股票激励计划"(以下简称"本激励计划")的法律顾问,根据《中华人民 共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称 "《证券法》")、《上市公司股权激励管理办法》(以下简称"《管理 ...