股票代码：600188 股票简称：兖矿能源 编号：临 2025-060 兖矿能源集团股份有限公司 关于终止并购 Highfield Resources Limited 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。 一、原交易安排概述 兖矿能源集团股份有限公司（"兖矿能源""公司"）于 2024 年 9 月 23 日与 Highfield Resources Limited（一家于澳大利亚证 券交易所上市的公司，股份代码：HFR，"高地资源"）签署了 "Implementation Agreement" （ 《 实 施 协 议 》 ） 及 "Equity Subscription Agreement"（《股份认购协议》）。兖矿能源将通 过资产注入和现金认购方式获得高地资源新增发股份（"本次交 易"）。 2025 年 9 月 15 日 2 有关详情请参见公司日期为 2024 年 9 月 23 日的关于并购 Highfield Resources Limited 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 ...

Core Viewpoint - Yanzhou Coal Mining Company announced the termination of agreements to acquire new shares from Highland Resources due to unmet conditions, emphasizing that this decision will not adversely affect its current operations or development plans [2] Group 1: Agreement Termination - The company issued a written notice to Highland Resources to terminate the asset injection and cash subscription agreements [2] - The termination was based on the failure to meet all conditions outlined in the Implementation Agreement and Share Subscription Agreement by the deadline [2] Group 2: Impact on Operations - The company stated that the termination of the agreements will not impact its existing production and operational activities [2] - The company will continue to advance its potash mining project in Canada, with further updates to be announced [2]

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) has officially terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions by the deadline, a decision made after careful consideration that will not adversely affect its current operations or development [1] Group 1: Agreement Termination - The company issued a written notice to Highland Resources to terminate both the Implementation Agreement and Share Subscription Agreement [1] - The termination was based on the failure to meet all the preconditions stipulated in the agreements by the final deadline [1] - The decision to terminate the agreements aligns with the terms set forth in the agreements and is deemed prudent by the company [1] Group 2: Impact on Operations - The termination of the agreements will not impact the company's existing production and operational activities [1] - There are no adverse effects anticipated on the company's development or on the interests of shareholders, particularly minority shareholders [1] Group 3: Future Plans - The company plans to proceed with the development of the Canadian potash mining project based on market principles, focusing on maintaining overall corporate interests [1]

Core Viewpoint - Yancoal Energy has terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions by the deadline, a decision made after careful consideration that will not adversely affect the company's operations or shareholder interests [1] Group 1 - The company issued a written notice to Highland Resources, leading to the immediate termination of both agreements [1] - The termination aligns with the provisions of the agreements and is deemed a prudent decision by the company [1] - The company asserts that this decision will not impact its existing production and operational activities [1] Group 2 - The company emphasizes that the termination will not harm the interests of the company or its shareholders, particularly minority shareholders [1] - Moving forward, the company plans to advance the Canadian potash mining project based on market principles [1]

Core Viewpoint - Yancoal Energy has terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions precedent, a decision made after careful consideration, which will not adversely affect the company's current operations or development [1] Group 1 - The termination of the agreements was communicated through a written notice, effective immediately upon issuance [1] - The decision aligns with the terms of the agreements and is aimed at protecting the overall interests of the company [1] - The company reassures that there is no harm to the interests of shareholders, particularly minority shareholders [1] Group 2 - Moving forward, Yancoal Energy plans to promote the subsequent work of the Canadian potash mining project based on market principles [1] - The company will provide updates on the progress of this project through future announcements [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。 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) 關於終止併購HIGHFIELD RESOURCES LIMITED的公告 茲提述本公司日期為2024年9月23日的公告（「該公告」），內容有關本公司與高地資源正式簽署 《實施協議》及《股份認購協議》。除另有界定者外，本公告所用詞彙與該公告所界定者具有相同 涵義。 近日，因《實施協議》和《股份認購協議》約定的先決條件未能在最後截止日當日或之前全部滿 足或被豁免，本公司向高地資源發出了終止《實施協議》和《股份認購協議》的書面通知。書面 通知發出後，《實施協議》和《股份認購協議》立即終止。 終止《實施協議》和《股份認購協議》系本公司審慎研究後作出的決定，符合《實施協議》和 《股份認購協議》的約定，不會影響本公司現有生產經營活動，也不會 ...

Group 1 - The coal mining sector increased by 1.29% on September 15, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the coal mining sector showed significant price increases, with Electric Power Investment rising by 4.04% to a closing price of 23.16 [1] Group 2 - The coal mining sector experienced a net inflow of 323 million yuan from main funds, while retail investors saw a net outflow of 250 million yuan [2] - Major stocks like Shanxi Coking Coal and Shaanxi Coal and Chemical Industries had notable net inflows from main funds, indicating strong institutional interest [3] - The overall trading volume in the coal mining sector was substantial, with Shanxi Coking Coal achieving a transaction amount of 1.054 billion yuan [1][2]

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to peak, with pressure remaining in the first half of 2026 but easing compared to the same period in 2025. Demand for electricity coal, combined with the elasticity of coal prices, is likely to lead to prices exceeding 800 RMB/ton in the second half of 2026 [2]. - The report recommends core companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while continuing to recommend Yanzhou Coal Mining and Jincheng Anthracite Mining [4]. Summary by Sections Demand and Supply Analysis - In July, national electricity consumption increased by 8.6% year-on-year, and thermal power generation rose by 4.3%, indicating a significant improvement in the supply-demand balance [4]. - Raw coal production in July was 380 million tons, a decrease of 40 million tons month-on-month, primarily due to extreme weather in Inner Mongolia and Shaanxi [4]. - For the second half of the year, production is expected to decline slightly due to "overproduction checks," with total production projected at 2.35 to 2.4 billion tons, maintaining year-on-year stability [4]. Price Trends - As of September 12, 2025, the price of Q5500 coal at Huanghua Port was 688 RMB/ton, down 3 RMB/ton (-0.4%) from the previous week [7]. - The price of Q5000 coal at Huanghua Port was 595 RMB/ton, down 8 RMB/ton (-1.3%) from the previous week [10]. - The report notes that domestic coal prices are stabilizing while imports continue to decline, leading to an overall downward trend in supply [4]. Focus on Coking Coal - As of September 12, 2025, the price of main coking coal at Jingtang Port was 1550 RMB/ton, unchanged from the previous week [35]. - The average price of metallurgical coke at major domestic ports was 1653 RMB/ton, down 43 RMB/ton (-2.5%) from the previous week [60]. Inventory and Production Rates - As of September 12, 2025, coking coal inventory at three major ports totaled 2.646 million tons, a decrease of 1.6% from the previous week [51]. - The operating rate of coking enterprises with production over 200 million tons was 79.18%, showing a slight increase [4]. Long-term Contracts - The annual long-term contract price for Q5500 coal at Northern Ports was 674 RMB/ton, up 6 RMB/ton (0.9%) month-on-month [33]. - The report indicates that long-term contract prices for coking coal remained stable compared to the previous week [69].

Group 1 - Coal stocks saw significant gains in the afternoon, with Yanzhou Coal Mining (600188) up 5.81% at HKD 9.83, China Qinfeng (00866) up 3.79% at HKD 3.01, China Shenhua (601088) up 2.42% at HKD 38.02, and China Coal Energy (601898) up 1.06% at HKD 9.57 [1] - On September 15, the domestic coking coal futures market experienced a strong upward trend, with both coking coal and coke futures rising over 5% [1] - A coal mine in Luliang, Shanxi Province, was reported to have suspended operations on September 14, with an uncertain timeline for resumption and a certified production capacity of 1.2 million tons [1] Group 2 - Zheshang Securities (601878) noted that the seasonal expectations in September are suppressing coal prices, with spot prices gradually approaching long-term contracts, indicating a potential bottoming out and rebound in coal prices [1] - As coal prices align more closely with long-term contracts (with low calorific value discounts), downstream purchasing enthusiasm is expected to increase [1] - Looking ahead to the fourth quarter, supply and demand are anticipated to gradually balance, leading to a steady rise in coal prices, maintaining a "positive" outlook for the industry [1]

Core Viewpoint - Yanzhou Coal Mining Company Limited has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit year-on-year, while maintaining a significant market presence in the coal industry [1][2]. Financial Performance - As of June 30, 2025, Yanzhou Coal reported operating revenue of 59.349 billion yuan, a year-on-year decrease of 17.93% [2]. - The net profit attributable to shareholders was 4.652 billion yuan, reflecting a year-on-year decline of 38.53% [2]. - Year-to-date stock price has decreased by 1.54%, but has shown a recovery in the last 5 days (+1.67%), 20 days (+3.79%), and 60 days (+9.46%) [1]. Shareholder Information - The number of shareholders increased to 147,800, up by 1.14% compared to the previous period [2]. - The company has distributed a total of 86.846 billion yuan in dividends since its A-share listing, with 42.377 billion yuan distributed in the last three years [3]. Stock Market Activity - On September 15, 2023, Yanzhou Coal's stock price rose by 2.13% to 13.42 yuan per share, with a trading volume of 397 million yuan and a turnover rate of 0.51% [1]. - The company’s total market capitalization reached 134.703 billion yuan [1]. Major Shareholders - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, holding 110 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and Guotai CSI Coal ETF, which have increased their holdings [3].