Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" [1] Core Views - The report indicates that the company's performance is expected to improve, with long-term growth potential [1][6] - The company has shown resilience in coal operations despite a decline in revenue and profit due to effective cost control and stable production and sales [3][4] - The coal chemical business has significantly increased profitability due to cost reductions [3] - The fourth quarter is anticipated to see substantial improvement in performance due to stabilizing coal prices and inventory adjustments [4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 104.96 billion yuan, a year-on-year decrease of 11.64%, and a net profit attributable to shareholders of 7.12 billion yuan, down 39.15% [1][2] - The company achieved a coal production of 135.89 million tons, an increase of 6.94% year-on-year, and sales of 126.43 million tons, up 2.64% [3] - The average selling price of coal was 507.06 yuan/ton, down 23.13% year-on-year [3] Cost Management - The cost of coal sold was 319.29 yuan/ton, a decrease of 4.7% year-on-year, with plans to reduce costs by 3%-5% for the year [3] - The chemical segment achieved a gross profit of 4.881 billion yuan, a year-on-year increase of 24.7% [3] Future Outlook - The company completed the acquisition of Northwest Mining, adding significant coal resources, which supports long-term growth [6] - The company aims to achieve a coal production target of over 180 million tons for the year, with expectations of further capacity increases in the coming years [6] - Profit forecasts for 2025-2027 are 10.6 billion, 11.2 billion, and 12.6 billion yuan respectively, with EPS projected at 1.05, 1.12, and 1.26 yuan [6]

兖矿能源（600188.SH）2025 年三季度点评 ➢ 风险提示：煤炭、化工品价格大幅下滑；资产注入进度不及预期风险。 [盈利预测与财务指标 Table_Forcast] 煤炭量增控本显韧性，非煤盈利环比扩张 2025 年 10 月 31 日 ➢ 事件：2025 年 10 月 30 日，公司发布 2025 年三季报，前三季度实现营业 收入 1049.57 亿元，同比下降 11.64%；归属于上市公司股东的净利润 71.2 亿 元，同比下降 39.15%。 ➢ 西北矿业并表，25Q3 业绩环比增长。25Q3 公司实现营业收入 382.59 亿 元，同比下降 0.26%，环比增长 31.76%；归属于上市公司股东的净利润 22.88 亿元，同比下降 36.60%，环比增长 17.82%。 ➢ 2025 年前三季度煤炭产量增长，售价下滑。25Q1~3 公司实现煤炭产量 13589 万吨，同比+6.9%，煤炭销量 12643.5 万吨，同比+2.64%，其中自产煤 销量 12235.4 万吨，同比+4.74%。实现煤炭综合售价 507.06 元/吨，同比- 23.13%，其中自产煤售价 503.33 元/吨，同比- ...

Core Insights - Yanzhou Coal Mining Company (兖矿能源) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 104.957 billion yuan, representing a year-on-year decrease of 11.64% [1] - The net profit attributable to shareholders was 7.12 billion yuan, down 39.15% year-on-year [1] - Basic earnings per share were reported at 0.71 yuan [1]

Core Viewpoint - Yancoal Energy Group reported a revenue of 104.96 billion yuan and a net profit of 7.12 billion yuan for the first three quarters of 2025, showing a decline in profitability due to falling product prices, but with signs of recovery in the third quarter as market conditions improved [1][2] Financial Performance - The company achieved a record high coal production of 136 million tons in the first three quarters, an increase of 8.82 million tons or 6.9% year-on-year, with expectations to exceed 180 million tons for the full year [1] - The chemical segment produced 7.35 million tons of chemical products, up by 760,000 tons or 11.6% year-on-year, with a significant net profit increase of 1.53 billion yuan, reflecting a profit increase of 1.29 billion yuan [1] Cost Management - Yancoal Energy implemented cost control measures across its entire industrial chain, resulting in a 4.7% decrease in self-produced coal sales costs to 319 yuan per ton [2] - The company’s total assets reached 431.9 billion yuan, an increase of 20.7 billion yuan since the beginning of the year, with a net cash flow from operating activities of 19.6 billion yuan and cash reserves of 44.3 billion yuan [2] Market Outlook - Analysts expect the domestic coal industry to maintain a tight balance between supply and demand in the fourth quarter, with coal prices likely to continue their upward trend due to policy support and seasonal demand [2]

Core Insights - Yanzhou Coal Mining Company (兖矿能源) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company achieved total operating revenue of 104.957 billion yuan, representing a year-on-year decrease of 11.64% [1] - The net profit attributable to shareholders was 7.12 billion yuan, down 39.15% compared to the previous year [1] - Basic earnings per share were reported at 0.71 yuan [1]

Core Viewpoint - Yancoal Energy reported a strong performance in Q3 2025, with a rebound in product prices and improved operational efficiency, leading to significant revenue and profit growth [1][2]. Financial Performance - For the first three quarters of 2025, Yancoal Energy achieved a revenue of 104.96 billion yuan and a net profit attributable to shareholders of 7.12 billion yuan [1]. - In Q3 alone, the net profit attributable to shareholders reached 2.29 billion yuan, a 17.82% increase from the previous quarter [1]. - The company maintained a high dividend policy, distributing a total of 7.73 billion yuan in cash dividends in 2024 and announcing an interim dividend of 1.8 billion yuan for 2025 [1]. Operational Highlights - Yancoal Energy focused on increasing production and reducing costs, with an average selling price of self-produced coal at 503 yuan/ton for the first three quarters, and a Q3 average of 498 yuan/ton, up 12 yuan/ton from Q2 [2]. - The company produced over 136 million tons of commodity coal in the first three quarters, a year-on-year increase of 6.9%, and achieved a chemical product output of 7.35 million tons, up 11.6% year-on-year [2]. - The cost of self-produced coal was 319 yuan/ton, a 4.7% decrease year-on-year, with significant reductions in the unit sales costs of key chemical products [2]. Strategic Focus - Yancoal Energy is committed to lean investment principles, focusing on core projects with high returns and strong technical capabilities, while optimizing its capital expenditure plan for 2025 [3]. - The company anticipates a tightening coal supply due to ongoing safety production policies and restrictions on low-quality coal imports, which is expected to boost coal demand in the upcoming winter [3]. - Yancoal Energy's core advantages are expected to manifest through increased production capacity, operational improvements in key regions, and a high proportion of spot sales, maximizing benefits from rising coal prices [3].

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) reported strong financial performance in Q3 2025, with a significant increase in net profit and operational improvements, driven by rising coal prices and effective cost control measures [1][2][3][4] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 104.96 billion yuan and a net profit attributable to shareholders of 7.12 billion yuan, with Q3 net profit reaching 2.29 billion yuan, a quarter-on-quarter increase of 17.8% [1] - The company expects its total coal production for the year to exceed 180 million tons, marking a historical high [2] Group 2: Production and Sales - The company increased its coal production to 136 million tons in the first three quarters, a year-on-year increase of 8.82 million tons, or 6.9%, achieving record output for the same period [2] - The average selling price of self-produced coal reached 503 yuan per ton, with a quarter-on-quarter increase of 12 yuan per ton in Q3 [3] Group 3: Cost Control and Efficiency - The company implemented a dual approach of cost reduction and efficiency enhancement, resulting in a decrease in the sales cost of self-produced coal to 319 yuan per ton, down 4.7% year-on-year [3] - Significant reductions in unit sales costs for major chemical products were also reported, with methanol down 16% and acetic acid down 18% [3] Group 4: Capital Expenditure and Future Outlook - The company adjusted its capital expenditure strategy, focusing on key projects, with net cash flow from operating activities reaching 19.6 billion yuan and cash reserves at 44.3 billion yuan [4] - The company anticipates continued strong performance in Q4, supported by favorable market conditions and operational efficiencies [4]

Core Viewpoint - Yanzhou Coal Mining Company (01171.HK) successfully issued its second phase of technology innovation bonds for 2025, raising RMB 3 billion at an interest rate of 1.96% [1] Company Summary - The bond issuance occurred on October 28, 2025, with funds credited on October 29, 2025 [1] - As of October 30, 2025, Yanzhou Coal's stock closed at HKD 10.7, reflecting a 1.33% increase, with a trading volume of 37.202 million shares and a turnover of HKD 398 million [1] - The company has a market capitalization of HKD 43.037 billion, ranking third in the coal mining II industry [1] Industry Summary - Key performance indicators for Yanzhou Coal compared to the coal mining II industry average are as follows: - Return on Equity (ROE): 19.72% vs. industry average of 5.38%, ranking 3rd [1] - Market capitalization: HKD 43.037 billion vs. industry average of HKD 14.957 billion, ranking 3rd [1] - Revenue: RMB 116.346 billion vs. industry average of RMB 32.43 billion, ranking 3rd [1] - Net Profit Margin: 13.2% vs. industry average of -22.57%, ranking 5th [1] - Gross Profit Margin: 26.38% vs. industry average of 22.06%, ranking 10th [1] - Debt Ratio: 63.76% vs. industry average of 235.7%, ranking 13th [1]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-066 本次会议通知和材料分别于 2025 年 10 月 16 日、2025 年 10 月 25 日以书面或电子邮件形式送达公司董事。 二、董事会会议审议情况 批准公司《2025 年第三季度报告》，根据上市地要求公布未经审 计的 2025 年第三季度业绩。 （同意 11 票、反对 0 票、弃权 0 票） 董事会审计委员会已经认可公司《2025 年第三季度报告》，同意 提交董事会审议。 兖矿能源集团股份有限公司 第九届董事会第十九次会议决议公告 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、董事会会议召开情况 兖矿能源集团股份有限公司（"公司"）第九届董事会第十九次 会议，于 2025 年 10 月 30 日在山东省邹城市公司总部以通讯方式召 开，应出席董事 11 人，实际出席董事 11 人。公司董事长召集和主持 会议，会议的召集召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定。 兖矿能源集团股份有限公司董事会 2025 年 10 月 ...

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。 2025 年 6 月 20 日，兖矿能源集团股份有限公司（"本公司"） 获准注册债务融资工具(中市协注〔2025〕TDFI23 号)，有效期 2 年。 2025 年 10 月 28 日，本公司成功发行 2025 年度第二期科技创新债 券（"本期发行"），募集资金人民币 30 亿元，已于 2025 年 10 月 29 日到账。 现将本期发行结果公告如下： 股票代码：600188 股票简称：兖矿能源 编号：临 2025-067 兖矿能源集团股份有限公司 关于 2025 年度第二期科技创新债券发行结果的公告 本期发行的相关文件请见中国货币网（www.chinamoney.com.cn） 和上海清算所网站（www.shclearing.com）。 特此公告。 兖矿能源集团股份有限公司董事会 2025 年 10 月 30 日 2 | | 发行要素 | | | | --- | --- | --- | --- | | 名称 | 兖矿能源集团股份有限 公司 2025 年度第二期科 技创新债券 ...