Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) to enhance its operational focus and market presence [1][2]. Group 1: Reasons and Benefits for Spin-off - The successful spin-off will allow Kason Technology to broaden its financing channels, increase investment in the industrial lubrication sector, and strengthen its market competitiveness, thereby enhancing the profitability and overall competitiveness of the high-end equipment manufacturing segment [2]. - The spin-off is expected to provide Kason Technology with greater market exposure and media attention, improving its brand image and credibility among customers, suppliers, and partners, which can attract talent and enhance its creditworthiness with financial institutions [2]. - During the spin-off process, Kason Technology will improve its financial systems, information disclosure mechanisms, and internal control systems, which will enhance management standards, financial transparency, and operational efficiency [2]. Group 2: Post Spin-off Implications - After the spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling the capital market to reasonably evaluate the group's various business segments [3]. - The parent company will maintain control over Kason Technology and continue to consolidate its financial statements, ensuring that it benefits from Kason Technology's future business development and growth [3].

Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, aiming to enhance its operational efficiency and market presence in the industrial lubricants sector [1] Group 1 - The proposed spin-off is expected to broaden Kason Technology's financing channels, allowing for increased investment in the industrial lubricants sector, thereby strengthening market competitiveness and expanding its product range [2] - The spin-off will enhance Kason Technology's market exposure and brand image, attracting talent and improving creditworthiness with financial institutions, which may facilitate easier access to loans and credit [2] - Kason Technology will improve its financial systems and internal controls in compliance with regulatory requirements during the spin-off process, leading to better management standards and operational efficiency [2] Group 2 - Post-spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling better valuation of the group's various business segments [3] - The company will maintain control over Kason Technology after the spin-off, continuing to consolidate its financial statements, thus benefiting from Kason Technology's future growth and development [3]

內幕消息 建議分拆卡松科技於全國中小企業股份轉讓系統掛牌 兗礦能源集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合交易所有限公司（「香 港聯交所」）證券上市規則（「香港上市規則」）第13.09(2)條以及香港法例第571章證券及期貨條例第XIVA部項下 內幕消息條文（定義見香港上市規則條文）刊發本公告。 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） 本公司董事會（「董事會」）欣然宣佈，本公司擬將控股附屬公司卡松科技股份有限公司（「卡松科技」）分拆並於 全國中小企業股份轉讓系統（「全國中小企業股份轉讓系統」，即「新三板」）掛牌（「建議分拆」）。卡松科技已於 2025年9月22日向全國中小企業股份轉讓系統有限責任公司（「全國中小企業股份轉讓系統有限責任公司」 ...

公司报告 | 公司点评 兖矿能源（600188） 证券研究报告 盈利有望受量价双重驱动，H 股高股息属性凸显 煤炭供应频现扰动，煤价迎来筑底反弹 中央财经委员会第六次会议提出"依法依规治理企业低价无序竞争，引导 企业提升产品品质，推动落后产能有序退出等"后，国内煤炭行业供给端 频现扰动，叠加迎峰度夏期间电煤需求尚可、铁水日均产量维持较高水平 等需求支撑，自 5 月以来环渤海港库存量持续下降，截至 2025 年 9 月 16 日，环渤海港库存量 2278.5 万吨，低于 2024 年同期的 2301 万吨水平。"查 超产"政策背景下，我们认为，国内煤炭产量或难以恢复至上半年水平， 煤炭供需形势亦或难以回到此前宽松状态，煤价有望筑底反弹。 煤炭主业高成长+高现货占比销售，盈利有望受量价双重驱动 近年来公司以"内涵提升+外延扩张"双轮驱动策略释放产能、拓展资源, 下 半年随着陕蒙、新疆及澳洲矿井产能进一步释放、新收购西北矿业并表贡 献增量，2025 年全年公司商品煤产量预计达到 1.8 亿吨-1.9 亿吨，同比增 加 4000 万吨以上。目前公司在产、在建及规划矿井合计产能已达 3.2 亿吨 /年，规划"2030 ...

Group 1: Industry Overview - The coal supply in China is experiencing disturbances, leading to a potential rebound in coal prices as demand remains supported during peak summer and high iron and steel production levels [1] - As of September 16, 2025, the inventory at the Bohai Rim ports is 22.785 million tons, lower than the 23.01 million tons recorded in the same period of 2024 [1] - The "overproduction check" policy suggests that domestic coal production may not return to the levels seen in the first half of the year, indicating a tighter supply-demand balance [1] Group 2: Company Performance and Strategy - The company is expected to achieve a coal production volume of 180-190 million tons in 2025, an increase of over 40 million tons year-on-year, driven by capacity releases from new mines and acquisitions [2] - The total capacity of the company's operational, under-construction, and planned mines has reached 320 million tons per year, with a goal of achieving 300 million tons of raw coal by 2030 [2] - The company plans to reduce its coal sales cost by 3%-5% year-on-year in 2025, with the cost of self-produced coal in the first half of 2025 being 328 RMB per ton, a decrease of 2.8% year-on-year [2] Group 3: Dividend and Shareholder Returns - The company commits to distributing cash dividends amounting to approximately 60% of its net profit after statutory reserves for the years 2023-2025, with a minimum cash dividend of 0.5 RMB per share [3] - For the first half of 2025, the company plans to distribute a cash dividend of 0.18 RMB per share and intends to repurchase shares worth 0.5-1 billion RMB for A shares and 1.5-4 billion RMB for H shares [3] - The H shares of the company have a higher dividend yield compared to peers, with a projected yield of 9.4% in 2024, and a current yield of 5.3% based on the minimum dividend commitment [3] Group 4: Profit Forecast - The company's net profit is projected to be 8.94 billion RMB, 9.65 billion RMB, and 10.69 billion RMB for 2025-2027, reflecting a year-on-year change of -38%, +7.9%, and +10.8% respectively [4] - The expected earnings per share (EPS) for the same period are 0.89 RMB, 0.96 RMB, and 1.07 RMB, corresponding to price-to-earnings (PE) ratios of 15.2, 14.1, and 12.7 [4] - The company's performance is anticipated to benefit from a rebound in coal prices and gradual release of coal production capacity [4]

Group 1 - Yanzhou Coal Mining Company Limited's stock price increased by 2.06% to 13.35 CNY per share, with a total market capitalization of 134 billion CNY as of September 19 [1] - The company reported a net inflow of 10.2 million CNY from major funds, with significant buying and selling activities noted [1] - Year-to-date, the stock price has decreased by 0.74%, but it has shown a positive trend in the last five days (up 3.01%) and the last 60 days (up 11.34%) [1] Group 2 - As of June 30, the number of shareholders increased to 147,800, while the average circulating shares per person remained at zero [2] - For the first half of 2025, the company achieved a revenue of 59.35 billion CNY, a year-on-year decrease of 17.93%, and a net profit of 4.65 billion CNY, down 38.53% year-on-year [2] Group 3 - Since its A-share listing, Yanzhou Coal has distributed a total of 86.85 billion CNY in dividends, with 42.38 billion CNY distributed in the last three years [3] - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from several ETFs [3]

Group 1 - The coal stocks have mostly risen, with Yanzhou Coal Mining (01171) up 6.28% to HKD 10.49, China Coal Energy (01898) up 6.08% to HKD 10.12, and China Shenhua Energy (01088) up 2.1% to HKD 38.96 [1][1][1] - According to Mysteel's research, coal mines in Inner Mongolia are exceeding production capacity, with a total capacity of 34.6 million tons per year for mines exceeding 10% of their announced capacity from January to June 2025 [1][1][1] - As of September 16, five coal mines with a total capacity of 19.3 million tons per year have been ordered to suspend operations for 5-7 days due to safety hazards, with four mines having completed rectification and resumed normal production [1][1][1] Group 2 - Shanxi Securities believes that domestic raw coal production is expected to shrink due to policy shifts, with a reduction trend expected to continue in September and October despite some easing in August [1][1][1] - The contraction in domestic supply is leading to an unexpected rise in coal prices, which is driving up coal import demand, with August imports continuing to increase month-on-month [1][1][1] - If coal prices stabilize and rebound, it may further stimulate demand for imported coal [1][1][1]

Group 1 - The coal stocks have mostly risen, with Yanzhou Coal Mining (600188) up 6.28% to HKD 10.49, China Coal Energy (601898) up 6.08% to HKD 10.12, and China Shenhua Energy (601088) up 2.1% to HKD 38.96 [1][1][1] - According to Mysteel's research, coal mines in Inner Mongolia are exceeding production capacity, with a total capacity of 34.6 million tons per year for mines exceeding 10% of their announced capacity from January to June 2025 [1][1][1] - As of September 16, five coal mines with a total capacity of 19.3 million tons per year have been ordered to suspend operations for 5-7 days due to safety hazards, with four mines having completed rectifications and resumed normal production [1][1][1] Group 2 - Shanxi Securities believes that domestic raw coal production is expected to shrink due to policy shifts, with a reduction trend expected to continue in September and October despite a slight easing in August [1][1][1] - The contraction in domestic supply is leading to an unexpected rise in coal prices, which is driving up coal import demand, with August imports continuing to increase month-on-month [1][1][1] - If coal prices stabilize and rebound, it may further stimulate the demand for imported coal [1][1][1]

Group 1 - Yanzhou Coal Mining Company Limited's stock price increased by 2.17% on September 17, reaching 13.63 CNY per share, with a trading volume of 404 million CNY and a market capitalization of 136.81 billion CNY [1] - The company experienced a net inflow of main funds amounting to 33.33 million CNY, with significant buying from large orders [1] - Year-to-date, Yanzhou Coal's stock price has risen by 1.34%, with notable increases of 5.91% over the last five trading days, 7.32% over the last twenty days, and 13.21% over the last sixty days [1] Group 2 - As of June 30, the number of shareholders for Yanzhou Coal increased to 147,800, with an average of 0 circulating shares per person [2] - For the first half of 2025, Yanzhou Coal reported a revenue of 59.35 billion CNY, a year-on-year decrease of 17.93%, and a net profit attributable to shareholders of 4.65 billion CNY, down 38.53% year-on-year [2] Group 3 - Since its A-share listing, Yanzhou Coal has distributed a total of 86.85 billion CNY in dividends, with 42.38 billion CNY distributed over the last three years [3] - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, holding 110 million shares, and various ETFs with significant holdings, indicating increased institutional interest [3]

Group 1 - The State Council will hold two press conferences on September 17, focusing on policies to expand service consumption and the high-quality development of central enterprises during the 14th Five-Year Plan [2] - The 12th Beijing Xiangshan Forum will take place from September 17 to 19, featuring representatives from developed countries, emerging powers, and conflict-affected regions, with increased participation from former military and political leaders and renowned experts [2] - A total of 9 companies will have their restricted shares unlocked today, with a combined unlock volume of 537 million shares, amounting to a market value of 17.886 billion yuan [2] Group 2 - Among the companies with unlocked shares, three have over 10 million shares released: Shenguan Medical (407 million shares), Geling Deep Vision (70.296 million shares), and Blue Focus (52.696 million shares) [3] - In terms of market value, Shenguan Medical leads with 16.122 billion yuan, followed by Geling Deep Vision with 1.237 billion yuan and Blue Focus with 370 million yuan [3] - On September 17, 16 companies reported progress on stock repurchase plans, with three companies disclosing new repurchase proposals and eight companies having their plans approved by shareholders [3] Group 3 - The People's Bank of China will have 304 billion yuan of 7-day reverse repos maturing today, with an operation rate of 1.40% [4] - Upcoming data releases include the U.S. EIA crude oil inventory and the U.K. August CPI month-on-month rate [4]