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11月30日 狀態: 新提交 I. 法定/註冊股本變動 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12月2日 | 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 | | 5,961,980,54 ...

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) is actively restructuring its business by acquiring 100% equity of a subsidiary, which is expected to enhance its operational efficiency and support its strategic development in the coal mining sector [1] Group 1: Company Actions - Yanzhou Coal's wholly-owned subsidiary, Donghua Heavy Industry, signed an equity transfer agreement with Shandong Energy Equipment and High-end Support Company to acquire 100% equity of the latter for a total consideration of RMB 345 million [1] - Upon completion of the equity transfer, High-end Support Company will become a wholly-owned subsidiary of Yanzhou Coal, thereby eliminating any competition between the two entities [1] Group 2: Strategic Implications - The equity transfer is aimed at avoiding competition in the same industry and implementing the company's development strategy [1] - The acquisition is expected to accelerate the integration of the company's equipment manufacturing sector and promote the intelligent construction of coal mines, thereby providing strong support for safe and efficient coal mining and high-quality development [1]

每经AI快讯，兖矿能源(01171.HK)涨近3%，截至发稿，涨2.04%，报10.48港元，成交额1.05亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has announced a significant acquisition that aims to eliminate competition within its operations and enhance its strategic development in the equipment manufacturing sector [1] Group 1: Acquisition Details - Yanzhou Coal's wholly-owned subsidiary, Donghua Heavy Industry, has signed a share transfer agreement with Shandong Energy Equipment and High-end Support Company to acquire 100% of the latter's shares for a total consideration of RMB 345 million [1] - Upon completion of the share transfer, Yanzhou Coal will indirectly hold 100% of High-end Support Company, which will become a wholly-owned subsidiary of the company [1] Group 2: Strategic Implications - The share transfer is aimed at avoiding competition between High-end Support Company and Donghua Heavy Industry, as their business operations are similar [1] - This acquisition is expected to accelerate the company's integrated layout in the equipment manufacturing industry and support the intelligent construction of coal mines, contributing to safe and efficient coal mining and high-quality development [1]

Core Viewpoint - Yanzhou Coal Mining Company Limited (referred to as "Yanzhou Coal", 600188.SH) announced that its wholly-owned subsidiary, Yanzhou Donghua Heavy Industry Co., Ltd. ("Donghua Heavy Industry"), intends to acquire 100% equity of Shandong Energy Equipment Group High-end Support Manufacturing Co., Ltd. ("High-end Support Company") from Shandong Energy Group Heavy Equipment Manufacturing (Group) Co., Ltd. ("Shandong Equipment") for a transaction price of 344.8474 million yuan [2][3] Group 1 - The acquisition price is set at 344.8474 million yuan, which will be paid in cash on the delivery date to the designated bank account of the transferor [2] - The High-end Support Company, established in December 2022, has a registered capital of 300 million yuan and is a wholly-owned subsidiary of Shandong Equipment [3] - The assessment report indicates that the book value of the total equity of the High-end Support Company is 302.0936 million yuan, with an assessed value of 344.8474 million yuan, resulting in an appreciation of 42.7539 million yuan, or an appreciation rate of 14.15% [3] Group 2 - As of September 30, 2025, the High-end Support Company has total assets of 1.7817349 billion yuan, total liabilities of 1.4687176 billion yuan, and owner’s equity of 313.0173 million yuan [4] - The company reported a significant decline in profit, with a net profit of only 27.12 thousand yuan in the first three quarters of this year, compared to a net profit of 1.33606 million yuan in 2024 [4] Group 3 - Yanzhou Coal indicated that the profit decline in 2025 is due to a decrease in hydraulic support prices, increased financial costs, and property tax expenditures related to project renovations [5] - The transaction aims to avoid competition within the same industry and implement development strategies, as the High-end Support Company and Donghua Heavy Industry have overlapping business operations [5] - The acquisition is expected to reduce related transactions and enhance overall efficiency, as Yanzhou Coal is a major customer of the High-end Support Company [5] Group 4 - The transferor, Shandong Equipment, is in a state of insolvency, with total assets of 10.9553421 billion yuan and total liabilities of 12.1453326 billion yuan, resulting in negative owner’s equity of 1.1899905 billion yuan [8] - The acquisition is seen as a way for Yanzhou Coal to acquire quality assets from Shandong Equipment while avoiding less desirable assets [8] - Yanzhou Coal has faced performance pressure in recent years, with a net profit of 7.12 billion yuan in the first three quarters, a year-on-year decline of 39.15% [8]

Core Viewpoint - Yanzhou Coal Mining Company announced the acquisition of 100% equity in Shandong Energy Equipment Group's high-end support manufacturing company, which will help avoid industry competition and accelerate the company's integrated layout in equipment manufacturing [1] Group 1: Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2025 was 7.12 billion, a year-on-year decrease of 39.15% [1] - In Q3, the single-quarter net profit attributable to shareholders was 2.29 billion, a year-on-year decrease of 36.60% compared to the adjusted 3.61 billion in Q4 2024 [1] - The company's performance met market expectations [1] Group 2: Capacity Expansion - The acquisition is expected to add 6.352 billion tons of coal resources and 3.652 billion tons of recoverable reserves [1] - The total capacity from production, under construction, and planned is expected to increase by 61.05 million tons per year, further enhancing the company's capacity [1] Group 3: Industry Outlook - Due to insufficient investment in the coal industry in recent years and tight supply, coal prices are expected to remain high and volatile, with industry prosperity likely to continue [1] - The company has both thermal coal and coking coal businesses, with a projected average PE of 17 times for comparable companies such as China Shenhua, Lu'an Environmental Energy, Shanxi Coking Coal, and Huayang Co. in 2025 [1] - The company maintains a "buy" rating [1]

Core Insights - Yancoal Energy's Future Energy has successfully integrated regional management for one year, focusing on strategic resource development and operational efficiency [1][2][3] Group 1: Operational Performance - The Jinjitan Coal Mine maintained stable and high production, with coal output increasing by 29,190 tons year-on-year in the first three quarters [1] - The coal-to-oil subsidiary achieved a production capacity of one million tons, marking its first successful operational year [1] - Key devices in Yulin Energy Chemical have set historical operational records, and the DMMn unit has turned profitable [1] Group 2: Management Integration - Future Energy has streamlined its management structure, reducing the number of institutions by 18% and technical positions by 35%, enhancing regional management efficiency [2] - The company has established over 90 operational guidelines and responsibilities to clarify management processes and improve integration [2] Group 3: Collaborative Development - Future Energy has broken down regional barriers and integrated technical resources, forming specialized committees to support project reviews and risk management [3] - The company has focused on optimizing production processes, resulting in a 33% reduction in "wave reduction stop" incidents and achieving historical operational highs in boiler and gasification units [3] Group 4: Innovation and Digital Transformation - Future Energy has implemented a collaborative innovation mechanism, completing several technical projects to support industrial upgrades [4][5] - The company invested 9.1 million yuan in 10 smart factory projects, enhancing automation and precision in chemical production [5] - The coal-to-oil subsidiary's advanced control project has increased automation rates to 98% and reduced key alarm rates by 80% [5] Group 5: Cultural and Community Engagement - Future Energy has integrated party building with production operations, launching educational initiatives to enhance employee engagement [6] - The company has created various community facilities and organized over 40 cultural and sports activities to foster a positive work environment [6]

Group 1 - The company held its 20th meeting of the 9th Board of Directors on November 27, 2025, with all 11 directors present, confirming compliance with legal and regulatory requirements [2][4][35] - The Board approved the acquisition of 100% equity of a high-end support company for 344.8474 million yuan, with 7 votes in favor and no opposition [4][18][35] - The transaction is classified as a related party transaction, with 4 related directors abstaining from the vote, and has been recognized by the independent directors [6][7][15] Group 2 - The company appointed Li Jianzhong as the vice president based on the nomination by the general manager, with unanimous approval from the Board [8][9][10] - Li Jianzhong has extensive experience in the mining industry, having held various managerial positions in related companies since 2015 [12] Group 3 - The acquisition is expected to eliminate competition between the high-end support company and the company's subsidiary, enhancing the integration of the equipment manufacturing industry [31] - The transaction will reduce related party transactions and lower procurement costs, maximizing overall efficiency for the company [31]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Insights - The company has signed an agreement to acquire 100% equity of Shandong Energy Equipment Group's high-end support manufacturing company for an assessed value of 345 million yuan, which is expected to enhance its integrated layout in the equipment manufacturing sector and reduce procurement costs [6]. - For the first three quarters of 2025, the company reported total revenue of 104.96 billion yuan, a year-on-year decrease of 11.64%, and a net profit attributable to shareholders of 7.59 billion yuan, down 39.15% year-on-year [8]. - The company’s coal production and sales volume increased year-on-year, while coal prices decreased. In the first three quarters of 2025, the production of commercial coal reached 135.89 million tons, up 6.94% year-on-year, and sales volume was 126.44 million tons, up 2.64% year-on-year [8]. - The company completed the acquisition of a 51% stake in Northwest Mining, which is expected to add significant coal resources and further expand production capacity [8]. Financial Summary - The company’s projected total revenue for 2025 is 144.96 billion yuan, with a year-on-year growth rate of 4.2% [7]. - The estimated net profit for 2025 is 10.16 billion yuan, reflecting a year-on-year decrease of 32.5% [7]. - The earnings per share (EPS) for 2025 is projected to be 1.01 yuan, with a gross profit margin of 29.3% [7]. - The company’s return on equity (ROE) is expected to be 12.4% in 2025 [7].

Core Viewpoint - Yanzhou Coal Mining Company plans to acquire 100% equity of Shandong Energy Equipment Group High-end Support Manufacturing Co., Ltd. for 345 million yuan, which is an associated transaction with its controlling shareholder, Shandong Energy Group [1][2] Group 1: Transaction Details - The acquisition price for the high-end support company is 345 million yuan [1] - The high-end support company was established in 2022 and specializes in manufacturing mining machinery and various equipment [1] - The high-end support company reported revenues of 551 million yuan and 544 million yuan for 2024 and January to September 2025, respectively, with net profits of 13.36 million yuan and 271,200 yuan [1] Group 2: Strategic Implications - The transaction aims to eliminate competition between Yanzhou Coal and the high-end support company, enhancing the integration of the equipment manufacturing sector [2] - It is expected to accelerate the intelligent construction of coal mines, supporting safe and efficient mining operations [2] - The acquisition will reduce related party transactions and lower procurement costs, maximizing overall efficiency [2]