Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1,449.33 billion yuan in 2025, a year-on-year decrease of 7.49%, while the net profit attributable to the parent company was 83.81 billion yuan, down 43.61% year-on-year [6] - The coal business showed growth in both production and sales, with a coal output of 18,240 million tons, an increase of 6.3% year-on-year, and sales of 17,123 million tons, up 3.7% year-on-year [6] - The chemical business also demonstrated resilience, with production increasing by 8.47% year-on-year to 9,775 million tons and sales rising by 5.68% to 8,574 million tons [6] - The company continues its tradition of high dividends, planning to distribute a total cash dividend of 243 billion yuan from 2023 to 2025, which represents 66% of the net profit after statutory reserves [6] Financial Data Summary - Total shares outstanding: 10,037.48 million shares [5] - Market capitalization: 204,664.23 million yuan [5] - Revenue forecast for 2026: 1,589 billion yuan, with a projected net profit of 177 billion yuan [7] - The gross profit margin for 2025 is expected to be 29.3%, with a net profit margin of 9.8% [7] - The company plans to maintain a cash dividend payout ratio of approximately 50% of net profit after statutory reserves for the years 2026-2028 [6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1,449.33 billion yuan in 2025, a year-on-year decrease of 7.49%, while the net profit attributable to the parent company was 83.81 billion yuan, down 43.61% year-on-year [6] - The coal business showed growth in both production and sales, with a total coal production of 18,240 million tons, an increase of 6.3% year-on-year, and sales of 17,123 million tons, up 3.7% year-on-year [6] - The chemical business also demonstrated resilience, with production increasing by 8.47% to 9,775 million tons and sales rising by 5.68% to 8,574 million tons [6] - The company continues its tradition of high dividends, planning to distribute a total cash dividend of 243 billion yuan from 2023 to 2025, which represents 66% of the net profit after statutory reserves [6] Financial Data Summary - Total shares outstanding: 10,037.48 million shares [5] - Market capitalization: 204,664.23 million yuan [5] - Revenue forecast for 2026: 1,589 billion yuan, with a projected year-on-year growth of 9.7% [7] - Net profit forecast for 2026: 177 billion yuan, with a projected year-on-year growth of 111.2% [7] - Gross margin for 2025 is expected to be 29.3%, improving to 39.1% by 2026 [7] - The company plans to maintain a dividend payout ratio of approximately 50% of net profit after statutory reserves for the years 2026-2028 [6]

Summary of Yanzhou Coal Mining Company Conference Call Industry Overview - The coal price center for 2026 is expected to rise, with the average price of 5,500 kcal coal at North Port projected to exceed 800 RMB/ton, up from approximately 700 RMB/ton in 2025. The summer peak may reach 850-900 RMB/ton [2][7]. - The chemical sector has seen significant price increases driven by geopolitical factors since March 2026, with expectations of substantial year-on-year profit growth in the first half of 2026, confirming profitability not lower than 2025 [2]. Key Financial and Operational Highlights - In 2025, the company achieved a net profit of 8.52 billion RMB, with the chemical sector contributing 1.58 billion RMB. The average sales cost of coal was 320 RMB/ton, a decrease of approximately 4.2% from 2024 [3]. - The average selling price of coal in 2025 was 513 RMB/ton, down 122 RMB from 635 RMB/ton in 2024 [3]. - The company plans to increase coal production by 4-8 million tons in 2026, with an annual average increase of 10 million tons planned from 2026 to 2028, aiming for a total raw coal capacity of 300 million tons by 2031 [2][4]. Cost Control and Profit Distribution - The cost control target for 2026 is a further reduction of 3% in coal costs and over 30 RMB/ton reduction in chemical products (methanol, acetic acid) costs, primarily through incremental dilution and expense compression [2][4]. - The dividend policy has been adjusted to distribute 50% of net profit after deducting statutory reserves, with a historical payout ratio exceeding 60%. A share buyback plan of 200-500 million RMB will be implemented in 2026 [2][4]. Asset Management and Capital Expenditure - Significant contributions from asset disposals, with the transfer of New Tai Coal Company shares recovering 3.05 billion RMB, expected to confirm a net profit of approximately 2.7 billion RMB in Q1 2026 [2][7]. - The capital expenditure budget for 2026 is set at 19.8 billion RMB, maintaining a stable trend. The Inner Mongolia 800,000-ton olefin project is expected to commence production in October 2026 [6][12]. Future Outlook and Strategic Initiatives - The company anticipates a significant increase in chemical product profitability in 2026, with measures in place to achieve cost reduction targets [5]. - The company is focused on optimizing asset management during the 14th Five-Year Plan, with plans to dispose of underperforming mines to enhance financial flexibility and resource allocation [8]. - Production growth is expected to be steady, with several key mining projects on track for completion, contributing to an increase of approximately 30-35 million tons in total production by 2028 [8]. Additional Insights - The fourth quarter of 2025 saw a 10 billion RMB decline in profits, primarily due to increased costs and a lack of contribution from the chemical sector, which is expected to recover in 2026 [9]. - Northwest Mining's performance commitment for 2025-2027 requires a cumulative net profit of no less than 7.1 billion RMB, with expectations of improved profitability in 2026 and 2027 based on rising coal prices [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report emphasizes the potential for revenue growth driven by rising coal prices and effective cost management strategies [4][6] - The company aims to optimize operational efficiency and release the value of marginal assets to enhance performance [3][4] Financial Summary - The company reported a revenue of 144,933 million yuan in 2025, a decrease of 7.49% year-on-year, with a net profit of 8,381 million yuan, down 43.61% year-on-year [6] - The forecast for 2026-2028 projects revenues of 168,178 million yuan, 179,526 million yuan, and 185,429 million yuan respectively, with growth rates of 16%, 7%, and 3% [7] - The expected net profit for the same period is 22,127 million yuan, 23,013 million yuan, and 23,642 million yuan, reflecting growth rates of 164%, 4%, and 3% [7] Coal Business Performance - In 2025, the company achieved a coal production of 182,398,000 tons, an increase of 6.3% year-on-year, and a sales volume of 165,370,000 tons, up 4.3% year-on-year [6] - The unit price of coal was 512.5 yuan/ton, down 19.3% year-on-year, while the unit cost was 343.6 yuan/ton, a decrease of 5.0% year-on-year [6] Chemical Business Performance - The methanol segment saw a production of 4,540,000 tons in 2025, a 10.6% increase year-on-year, with a unit gross profit of 560.9 yuan/ton, up 64.2% [6][7] - The acetic acid segment produced 1,082,000 tons, with a unit gross profit of 233.7 yuan/ton, down 36.2% year-on-year [7] Dividend Policy - The company plans to distribute a cash dividend of 0.50 yuan per share for 2025, with an estimated total cash dividend of approximately 5.02 billion yuan [7] - The dividend payout ratio for 2026-2028 is expected to be around 50% of the net profit after statutory reserves [7] Valuation Metrics - The current stock price is 20.39 yuan, with corresponding P/E ratios of 9.2X, 8.9X, and 8.7X for the years 2026, 2027, and 2028 respectively [7]

2026 年 3 月 中国国际金融股份有限公司 关于 兖矿能源集团股份有限公司分拆所属子公司 物泊科技股份有限公司 至香港联交所主板上市 之独立财务顾问核查意见 独立财务顾问 释 义 本核查意见中，除非文意另有所指，下列简称具有如下含义： | 本核查意见 | 指 | 《中国国际金融股份有限公司关于兖矿能源集团股份有限公司分 拆所属子公司物泊科技股份有限公司至香港联交所主板上市之独 | | --- | --- | --- | | | | 立财务顾问核查意见》 | | 兖矿能源、公司、上市公司 | 指 | 兖矿能源集团股份有限公司 | | 山能集团 | 指 | 山东能源集团有限公司 | | 拟分拆主体、物泊科技 | 指 | 物泊科技股份有限公司，曾用名为物泊科技有限公司 | | 山东端信 | 指 | 山东端信供应链管理有限公司 | | 中金公司、独立财务顾问 | 指 | 中国国际金融股份有限公司 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所 | 指 | 上海证券交易所 | | 香港联交所 | 指 | 香港联合交易所有限公司 | | 本次分拆上市、本次分拆 | 指 | 兖矿能源集团股份有限 ...

兖矿能源集团股份有限公司 2025 年度独立董事述职报告 （高井祥） 本人高井祥，作为兖矿能源集团股份有限公司（以下简 称"兖矿能源"或"公司"）独立董事，2025 年任职以来严 格遵循《公司法》《上市公司独立董事管理办法》《上市公 司治理准则》等法律法规及《公司章程》《独立董事工作制 度》的相关要求，秉持客观、公正、独立的原则，以诚信、 勤勉、审慎的态度履行独立董事职责。本人通过积极参加董 事会及各专门委员会会议，认真审议各项议案，对重大事项 进行独立判断并发表意见，深度参与公司治理全过程，着力 推动公司规范运作，切实维护公司整体利益和全体股东合法 权益。现将 2025 年度履职情况报告如下： 一、独立董事的基本情况 高井祥：出生于 1960 年 4 月，毕业于中国矿业大学， 工学博士，享受国务院政府特殊津贴。曾任中国矿业大学采 矿系副主任、环境与测绘学院党委书记、教务处处长、研究 生院常务副院长，主要研究领域为矿山测量与智能测绘。现 任中国矿业大学学术委员会副主任、教学指导委员会主任、 本科教学咨询专家，国际矿山测量协会（ISM）第一委员会 委员，中国工程师联合体工程能力评价委员会委员，教育部 高等学校测 ...

兖矿能源集团股份有限公司 2025 年度独立董事述职报告 （胡家栋） 本人作为兖矿能源集团股份有限公司（"兖矿能源""公 司"）的独立董事，在 2025 年度严格按照《公司法》《证 券法》《上市公司独立董事管理办法》及公司上市地监管规 则等法律法规，以及《公司章程》《独立董事工作制度》等 内部制度的要求，诚信、勤勉、独立地履行职责。本人积极 出席相关会议，认真审议各项议案，对公司重大事项发表独 立意见，切实维护公司和全体股东的整体利益。现将 2025 年度履职情况报告如下： 一、独立董事的基本情况 胡家栋：出生于 1969 年 6 月，毕业于澳洲新南威尔士 大学，商业学士学位，香港会计师公会资深会员，澳洲会计 师公会会员。曾在香港安达信会计师事务所任职执业会计师， 后在荷兰商业银行(ING)、中信证券及瑞士信贷的投资银行 部任职，并曾任华能新能源股份有限公司、铁江现货有限公 司及远大中国控股有限公司独立董事。目前担任国微技术控 股有限公司独立董事。2023 年 6 月起任兖矿能源独立董事。 本人及直系亲属和主要社会关系成员，均未在公司及子 公司担任除独立董事以外的任何职务，也未在公司主要股东 及股东投资的单位 ...

兖矿能源集团股份有限公司 2025 年度独立董事述职报告 （朱利民） 作为兖矿能源集团股份有限公司（"兖矿能源""公司"） 的独立董事，2025 年度，本人严格按照《公司法》《证券法》 《上市公司独立董事管理办法》及公司上市地监管规则等法 律法规，以及《公司章程》《独立董事工作制度》等内部制 度的要求，本着客观、公正、独立的原则，诚信、勤勉地履 行独立董事职责。一年来，本人积极出席相关会议，认真审 议董事会各项议案，就重大事项发表独立意见，持续促进公 司规范运作，切实维护全体股东和公司的整体利益。现将本 人 2025 年度履职情况报告如下： 一、独立董事的基本情况 朱利民：出生于 1951 年 10 月，经济学硕士。曾任原国 家体改委试点司副处长，原国家体改委综合规划试点司处长， 原国家体改委下属中华企业股份制咨询公司副总经理，中国 证监会稽查部副主任，中国证监会稽查局副局长，中国证监 会派出机构工作协调部主任兼投资者教育办公室主任，中信 建投证券有限责任公司合规总监、中信建投证券股份有限公 司监事会主席。目前担任焦点科技股份有限公司董事、华润 化学材料科技股份有限公司以及南通国盛智科股份有限公 司独立董事。 ...

兖矿能源集团股份有限公司 2025 年度独立董事述职报告 （彭苏萍） 作为兖矿能源集团股份有限公司("兖矿能源""公司") 的独立董事，我严格按照《公司法》《证券法》《上市公司 独立董事管理办法》《上市公司治理准则》等法律法规，以 及《公司章程》和《独立董事工作制度》等有关规定和要求， 本着客观、公正、独立的原则，勤勉尽责、独立履职，及时 了解公司的生产经营及发展情况，积极发挥独立董事作用， 有效维护了公司整体利益和全体股东的合法权益。现将 2025 年度职情况报告如下： 一、独立董事的基本情况 彭苏萍：出生于 1959 年 6 月，毕业于淮南矿业学院、 中国矿业大学北京研究生部，地质专业博士，中国工程院院 士。曾任中国工程院能源学部副主任、主任,中国神华股份 有限公司、天地科技股份有限公司、西藏华钰矿业股份有限 公司、北京龙软科技股份有限公司、北京昊华能源股份有限 公司以及国家电投集团氢能科技发展有限公司独立董事。目 前担任中国矿业大学（北京）教授、中国工程院院士、中国 矿业大学(北京)煤炭资源与安全开采国家重点实验室主任、 煤炭精细勘探与智能开发全国重点实验室主任。本人于 2025 年 5 月 30 日起 ...

兖矿能源集团股份有限公司 2025 年度独立董事述职报告 （朱睿） 作为兖矿能源集团股份有限公司（"兖矿能源""公司"） 的独立董事，2025 年度，我严格按照《公司法》《证券法》 《上市公司独立董事管理办法》《上市公司治理准则》等法 律法规，以及公司上市地监管规则、《公司章程》和《独立 董事工作制度》等有关规定和要求，本着客观、公正、独立 的原则，诚信、勤勉地履行独立董事职责。一年来，我密切 关注公司生产经营及发展动态，积极参与董事会及各专门委 员会会议，认真审议各项议案，就重大事项发表独立意见， 充分发挥独立董事在公司治理中的监督与指导作用，切实维 护了公司整体利益和全体股东的合法权益。现将本人 2025 年度履职情况报告如下： 一、独立董事的基本情况 朱睿：出生于 1975 年 2 月，毕业于对外经济贸易大学、 美国明尼苏达大学，工商管理博士学位。曾任加拿大英属哥 伦比亚大学副教授，美国莱斯大学助理教授。目前担任长江 商学院市场营销学教授、ESG 与社会创新研究中心主任，并 担任九毛九国际控股有限公司、万物新生公司（纽约证券交 易所上市公司 ATRenew Inc）独立董事。2023 年 6 月任兖矿 ...