截至月份: 2026年3月31日 狀態: 新提交 FF301 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 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: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01171 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,075,500,000 | RMB | | | 1 RMB | | 4,075,500,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 4,075,500,000 | RMB | | | 1 RMB | | ...

股票代码：兖矿能源 股票简称：600188 编号：临 2026-031 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： 截至 2026 年 3 月 31 日，A 股回购进展如下： | 回购方案首次披露日 | 2025/8/30，由董事会提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 8 8 月 28 | 年 | 月 | 29 | 日~2026 | 年 | 日 | | 预计回购金额 | 0.5亿元~1亿元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 0万股 | | | | | | | | 累计已回购股数占总股本比例 | 0% | ...

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 於其他市場披露的資料 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。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2026 年 4 月 1 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 2026年4月1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 ...

FF301 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: 2026年3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: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01171 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,075,500,000 | RMB | | | 1 RMB | | 4,075,500,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 4,075,500,000 | RMB | | | 1 RMB | | ...

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company, with a current price of 19.35 CNY/14.57 HKD and a fair value of 20.23 CNY/15.27 HKD [3]. Core Insights - The company has seen a nearly 30% growth in coal production over the past 25 years, demonstrating both growth and resilience [1]. - In 2025, the company plans to increase coal production to between 1.86 and 1.90 billion tons, with a cost reduction of 3% per ton [8]. - The company is expected to maintain a high dividend payout ratio of over 50% for the years 2026-2028, despite ongoing construction and planning projects [8]. Financial Forecast - Revenue is projected to be 139,124 million CNY in 2024, with a growth rate of -7.3%, followed by 144,933 million CNY in 2025 (+4.2%), and reaching 169,596 million CNY in 2026 (+17.0%) [2][7]. - EBITDA is forecasted to be 43,460 million CNY in 2024, decreasing to 36,927 million CNY in 2025, and then increasing to 52,779 million CNY in 2026 [2][7]. - The net profit attributable to shareholders is expected to be 15,012 million CNY in 2024, dropping to 8,617 million CNY in 2025, and recovering to 14,502 million CNY in 2026 [2][7]. - The earnings per share (EPS) is projected to be 1.50 CNY in 2024, decreasing to 0.86 CNY in 2025, and then increasing to 1.44 CNY in 2026 [2][7]. Production and Cost Analysis - In 2025, the company reported a significant increase in coal production and sales, with production at 1.82 billion tons (+6%) and sales at 1.71 billion tons (+4%) [8]. - The cost per ton of coal decreased by 4%, contributing to improved cash flow from performance compensation payments totaling 183.61 billion CNY [8]. Market Position and Future Outlook - The company is expected to benefit from rising international coal prices and chemical product prices due to geopolitical factors, enhancing its profit elasticity [8]. - The company has multiple coal projects under construction, with a target of reaching approximately 250 million tons of coal production by 2030 [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the company's focus on both organic and external growth, emphasizing its sustained investment value [1] - In 2025, the company reported a revenue of 144.933 billion yuan, a year-on-year decrease of 7.49%, and a net profit attributable to shareholders of 8.381 billion yuan, down 43.61% [1][3] - The company aims to enhance its coal production capacity and efficiency through lean management, with a target of producing 186-190 million tons of coal in 2026, an increase of 4-8 million tons year-on-year [3] Financial Performance Summary - In 2025, the company achieved a coal production of 182 million tons, up 6.28% year-on-year, and coal sales of 171 million tons, up 3.74% [3] - The average selling price of coal in 2025 was 517.83 yuan per ton, a decrease of 20.2% year-on-year [3] - The company plans to reduce its coal sales cost by an additional 3% in 2026 [3] - The chemical segment produced 9.775 million tons of products in 2025, an increase of 8.47% year-on-year, with a gross margin improvement of 5.15 percentage points to 26.29% [3] - The company forecasts a total revenue of 155.9 billion yuan in 2026, with a net profit of 14.7 billion yuan, reflecting a recovery trend [5] Shareholder Returns - The company plans to distribute a total dividend of 0.50 yuan per share for 2025, amounting to 5.02 billion yuan, which represents 60% of the net profit [6] - A share buyback plan of 200-500 million yuan is also in place, indicating confidence in the company's long-term value [6] Growth Potential - The company is set to expand its coal production capacity significantly, with new mining projects expected to add approximately 7 million tons of coal capacity by the end of the 14th Five-Year Plan [3] - The chemical sector is also expected to grow, with new projects in the pipeline aiming to increase production capacity by 1.6 million tons of olefins by the end of the 14th Five-Year Plan [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 144.93 billion yuan in 2025, a decrease of 7.49% year-on-year, and a net profit attributable to shareholders of 8.38 billion yuan, down 43.61% year-on-year [1] - The company aims to enhance its coal production capacity and efficiency through lean management, with a target of producing 186-190 million tons of coal in 2026, an increase of 4-8 million tons year-on-year [3] - The chemical segment is expected to improve profitability, with plans to produce 9.5-11 million tons of chemical products in 2026, focusing on cost reduction [3] - The company is committed to a growth strategy that includes both internal and external development, with significant potential for future growth in both mining and chemical sectors [3][4] Financial Summary - In 2025, the company achieved a gross profit margin of 29.3%, with a projected recovery to 35.5% in 2026 [5] - The forecasted net profit for 2026 is 14.7 billion yuan, with an expected EPS of 1.47 yuan per share [6] - The company plans to distribute a total dividend of 0.50 yuan per share for 2025, representing 60% of the net profit [6]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 23.71 CNY [6][12]. Core Insights - The company is expected to benefit from increased production and sales in 2025, despite a decline in coal prices leading to a drop in performance. The company is projected to gain from rising overseas coal prices in 2026, which will enhance profit elasticity [2][12]. - The coal chemical segment is anticipated to recover profitability in 2025 due to falling coal prices, contributing positively to performance in 2026 [12]. Financial Summary - Total revenue for 2025 is projected at 144.93 billion CNY, a decrease of 7.5% from 2024. Net profit attributable to shareholders is expected to be 8.38 billion CNY, down 43.6% [4][12]. - The company plans to distribute a total dividend of 0.50 CNY per share for the year, with a dividend payout ratio of 60% [12]. - The forecasted earnings per share (EPS) for 2026 and 2027 are 1.56 CNY and 1.61 CNY, respectively, with an additional EPS of 1.70 CNY for 2028 [12]. Production and Sales Outlook - In 2025, the company anticipates a coal production of 182 million tons, an increase of 6.28%, and a self-produced coal sales volume of 165 million tons, up 4.33% [12]. - The company has a robust project reserve and aims to achieve a raw coal production target of 300 million tons by 2030 [12]. Coal Price and Profitability - The average self-produced coal price for 2025 is expected to be 513 CNY per ton, a decrease of 122 CNY per ton year-on-year. The cost of self-produced coal is projected at 321.09 CNY per ton, down 14.43% [12]. - The company has a low proportion of long-term coal contracts, resulting in high price elasticity. The significant drop in market coal prices in 2025 is expected to adversely affect performance [12]. Chemical Production and Profitability - The company plans to produce 977.5 million tons of coal chemical products in 2025, reflecting an 8.5% year-on-year increase. The revenue from the coal chemical segment is projected at 24.29 billion CNY, down 5.84% [12]. - The chemical segment's gross margin is expected to improve due to lower sales costs, with a gross margin rate of 26.29%, an increase of 5.15 percentage points year-on-year [12].

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company is expected to benefit from the dual drivers of chemical and coal prices, with performance elasticity anticipated [1][3]. - The coal business has seen significant developments, including an investment in Xinjiang Energy Chemical and a return of acquisition payments amounting to 67.9% [2][5]. - The chemical sector is projected to experience substantial profit elasticity due to rising prices influenced by geopolitical tensions and production cuts [3][5]. Financial Performance - In 2025, the company reported revenues of 144.93 billion yuan, a decrease of 7.49% year-on-year, and a net profit of 8.38 billion yuan, down 43.61% year-on-year [1][9]. - For Q4 2025, revenues were 39.98 billion yuan, reflecting a year-on-year increase of 5.52%, while net profit decreased by 60.12% to 1.26 billion yuan [1][9]. - The company forecasts revenues of 172.92 billion yuan, 191.70 billion yuan, and 200.54 billion yuan for 2026, 2027, and 2028 respectively, with corresponding net profits of 18.76 billion yuan, 22.51 billion yuan, and 25.61 billion yuan [5][9]. Dividends and Shareholder Returns - The company has announced a dividend plan for 2026-2028, with a cash dividend ratio of no less than 50% [4]. - For 2025, the proposed year-end dividend is 0.32 yuan per share, totaling 3.21 billion yuan, with an overall cash dividend of 5.02 billion yuan for the year, resulting in a cash dividend ratio of 60% [4]. Market and Price Analysis - The average price of self-produced coal in 2025 was 513 yuan per ton, down 19.3% year-on-year, while the cost was 321 yuan per ton, down 4.3% year-on-year [8]. - The company’s chemical products saw a comprehensive selling price of 2,833 yuan per ton, a decrease of 10.9% year-on-year, with a comprehensive cost of 2,089 yuan per ton, down 16.7% year-on-year [8]. - The report highlights that the Newcastle spot price reached 135.33 USD per ton, an increase of 28.23% compared to the average price in 2025, indicating potential benefits for the company [8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to benefit from the dual drivers of chemical and coal prices, with performance elasticity anticipated [1][3] - The coal business has seen significant developments, including capital increases and the return of acquisition payments [2] - The chemical sector is projected to experience substantial profit elasticity due to rising prices influenced by geopolitical events [3] Financial Performance Summary - In 2025, the company reported revenue of 144.93 billion yuan, a decrease of 7.49% year-on-year, and a net profit attributable to shareholders of 8.38 billion yuan, down 43.61% year-on-year [1] - For Q4 2025, revenue was 39.98 billion yuan, an increase of 5.52% year-on-year, while net profit was 1.26 billion yuan, a decrease of 60.12% year-on-year [1] - The company’s coal production in 2025 was 182.4 million tons, an increase of 10.78 million tons year-on-year, with sales of 165.37 million tons, up 6.87 million tons year-on-year [8] - The average selling price of self-produced coal in 2025 was 513 yuan/ton, down 19.3% year-on-year, while the cost was 321 yuan/ton, down 4.3% year-on-year [8] Profit Forecast and Valuation - The company’s revenue forecasts for 2026-2028 are 1729.18 billion yuan, 1916.99 billion yuan, and 2005.38 billion yuan, respectively, with net profits of 18.76 billion yuan, 22.51 billion yuan, and 25.61 billion yuan [5] - The updated P/E ratios for 2026, 2027, and 2028 are projected at 10.9X, 9.1X, and 8.0X, respectively [5] Dividend Policy - The company has announced a dividend plan for 2026-2028, with a cash dividend ratio of no less than 50% [4] - For 2025, the proposed year-end dividend is 0.32 yuan per share, totaling 3.21 billion yuan, with an overall cash dividend of 5.02 billion yuan, resulting in a cash dividend ratio of 60% [4]